Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03: (i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03; (iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances; (iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be; (vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03; (vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03; (viii) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and (x) to clear and terminate the Collection Account pursuant to Section 10.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof. (b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority: (i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01; (ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05; (iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c); (iv) to reimburse itself pursuant to Section 7.02; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and (vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Salomon Bros MRT Sec Vii Inc MRT PSS THR Cert Ser 1998 Nc7), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Long Beach Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled Trustee's Fee pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Boardwalk Mortgage Securities Inc.), Pooling and Servicing Agreement (Argent Securities Inc), Pooling and Servicing Agreement (Long Beach Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Trust and the Final Maturity Reserve Trust in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-9), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-11), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-8)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Account and the Final Maturity Reserve Account in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl1), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-1), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Serviceritself, the Trustee NIMS Insurer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay deposit into the Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Master Servicer on each Distribution Date Swap Provider from funds collected and received with respect to the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in Mortgage Loans prior to the Distribution Account pursuant to Section 3.12(c)determination of Available Funds;
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Jpmac 2006-Nc1), Pooling and Servicing Agreement (Jpmac 2006-Acc1), Pooling and Servicing Agreement (Jpmac 2006-Wmc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Serviceritself, the Trustee NIMS Insurer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Trustee and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay deposit into the Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Master Servicer on each Distribution Date Swap Provider from funds collected and received prior to the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)determination of Available Funds;
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing9.01; and
(viii) to reimburse itself, the Trust Administrator shall be entitled to withdraw amounts from Trust, the Distribution Account to transfer funds Depositor, the Seller or the Servicer for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06(b) of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (hhh), (lll), (mmm) or (ppp) of Schedule 4 attached hereto to the Expense Account on extent that such amount to be reimbursed is included in the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Purchase Price.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch3), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch5), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-Ch4)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Serviceritself, the Trustee NIMS Insurer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without with the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Trustee and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay deposit into the Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Master Servicer on each Distribution Date Swap Provider from funds collected and received with respect to the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in Group 2 Mortgage Loans prior to the Distribution Account pursuant to Section 3.12(c)determination of Available Funds;
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing9.01; and
(viii) to reimburse itself, the Trust Administrator shall be entitled to withdraw amounts from Trust, the Distribution Account to transfer funds Depositor, the Seller or the Servicer for any costs and damages incurred and paid by such party in connection with any violation by a Mortgage Loan of (x) the representation and warranties set forth in Section 2.06(b) of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (hhh), (lll), (mmm) or (ppp) of Schedule 4 attached hereto to the Expense Account on extent that such amount to be reimbursed is included in the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Purchase Price.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Jpmac 2007-Ch1), Pooling and Servicing Agreement (Jpmac 2007-Ch2), Pooling and Servicing Agreement (Jpmac 2007-Ch2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[Reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01; and
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.013.12(c).
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He5), Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He5), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998-Nc6), Pooling and Servicing Agreement (New Century Mortgage Securities Inc), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998 -Nc4)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, Insurance Proceeds and Insurance Proceeds Subsequent Recoveries received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds, Insurance Proceeds and Insurance Proceeds Subsequent Recoveries received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master ServicerDepositor, the Depositor, each Originator Responsible Party or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Servicer, the Servicer or Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.26; and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Carrington Mortgage Loan Trust, Series 2004-Nc2), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2005-Nc1), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2004-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.,
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Boardwalk Mortgage Securities Inc.), Pooling and Servicing Agreement (New Century Mortgage Securities LLC), Pooling and Servicing Agreement (Park Place Securities, Inc.)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) SubServicer any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Salomon Broth Mor Sec Vii Asset Bac Float Rt Cer Se 1997 Lb1), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asst Back Cert Se 1997-Lb2), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Asset Backed Cert 1996-Lb2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) on or prior to pay each Distribution Date, to remit to the Master Servicer on each Loan Performance Advisor the LPA Fee with respect to such Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)Date;
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01; and
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.013.12(c).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, Insurance Proceeds and Insurance Proceeds Subsequent Recoveries received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds, Insurance Proceeds and Insurance Proceeds Subsequent Recoveries received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master ServicerDepositor, the Depositor, each Originator Responsible Party or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Servicer, the Servicer or Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.26; and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust 2005-Nc2), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust 2005-Nc2), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2005-Nc3)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, duties and liabilities of the Servicer and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Serviceritself, the Trustee NIMS Insurer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Securities Administrator and the NIMS Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without the following list not setting forth an order of priority:
(i) to make distributions to Certificateholders Certificateholders, the Securities Administrator and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)Reserved;
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp 2005-Opt2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Certs Series 2003-4), Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Certs Ser 2003-3), Pooling and Servicing Agreement (Long Beach Loan 2003-2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator shall. On each Distribution Date, from time the Trustee shall be entitled to time, make withdrawals withdraw from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee Account amounts to which each it is entitled pursuant to Section 8.05;
(iii) 8.05 and the Available Distribution Amount pursuant to Section 4.01. The Trustee shall also withdraw from the Distribution Account pursuant to Section 3.12 and pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account. The Trustee shall also be entitled, from time to time, to make withdrawals (without duplication) from the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) , to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi10.01(g)(iii) or to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding in connection with the foregoing, termination of the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Fund in accordance with Article IX.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (New Century Asset Backed Fl Rt Cert Sers 1997-Nc5), Pooling and Servicing Agreement (New Century Asset Backed Floating Rate Cert Ser 1998-Nc1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mort Pa THR Cert Ser 1998-Wfc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee and the Trust Administrator in respect of clause (vi) hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Salomon Broth Mo Se Vii Inc Fl Rt Mor Pa Th Cer Ser 1999 Nc2), Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1999 Nc1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Fl Rte Pas THR Ce Se 1999 Nc3)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03 of this Agreement:
(i) to remit to the Trust Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse the Servicer itself (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay the Servicer or any Sub-Servicer (a) itself any unpaid Servicing Fees, (b) Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any Sub-Servicer for Servicing Advancesrelated REO Property;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing FeeFee or portion thereof payable to the Servicer) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator itself or the SellerSponsor, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) of this Agreement all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse itself (including any successor to the Servicer for Servicer) for
(A) any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03 of this Agreement provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement;
(B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.06(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse the Servicer itself or the Depositor for expenses incurred by or reimbursable to the Servicer itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b) of this Agreement;
(x) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.0110.01 of this Agreement. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself itself, the Custodian and the Trustee Master Servicer amounts to which each it is entitled pursuant to Section 8.059.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)8.01(a) and Section 8.02 of this Agreement;
(iv) to reimburse itself pursuant pay any Net Swap Payment or Swap Termination Payment payable to Section 7.02the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to pay the Credit Risk Management Fee to the Credit Risk Manager;
(vii) to pay the Master Servicing Fee to the Master Servicer; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.0110.01 of this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03 of this Agreement:
(i) to remit to the Trust Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse the Servicer itself (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay the Servicer or any Sub-Servicer (a) itself any unpaid Servicing Fees, (b) Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any Sub-Servicer for Servicing Advancesrelated REO Property;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing FeeFee or portion thereof payable to the Servicer) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator itself or the SellerSponsor, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) of this Agreement all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse itself (including any successor to the Servicer for Servicer) for
(A) any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03 of this Agreement provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement;
(B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.06(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse the Servicer itself or the Depositor for expenses incurred by or reimbursable to the Servicer itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b) of this Agreement;
(x) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.0110.01 of this Agreement. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself itself, the Custodian and the Trustee Master Servicer amounts to which each it is entitled pursuant to Section 8.059.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)8.02 of this Agreement;
(iv) to reimburse itself pursuant pay any Net Swap Payment or Swap Termination Payment payable to Section 7.02the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to pay the Master Servicing Fee to the Master Servicer;
(vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.0110.01 of this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Nc3), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Fm2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee and the Trust Administrator in respect of clause (vi) hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rt Cer Se 1999-Nc5), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1999-Nc4)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[Reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01;
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.3.12(c);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Trust Series 2003 He7), Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Trust Series 2003 He7)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Floating Rate Certificates Series 1998-Opt2), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Cert Series 1998-Opt1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03 of this Agreement:
(i) to remit to the Trust Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse the Servicer itself (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay the Servicer or any Sub-Servicer (a) itself any unpaid Servicing Fees, (b) Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any Sub-Servicer for Servicing Advancesrelated REO Property;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing FeeFee or portion thereof payable to the Servicer) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator itself or the SellerSponsor, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) of this Agreement all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse itself (including any successor to the Servicer for Servicer) for
(A) any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03 of this Agreement provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement;
(B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.06(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse the Servicer itself or the Depositor for expenses incurred by or reimbursable to the Servicer itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b) of this Agreement;
(x) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.0110.01 of this Agreement. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself itself, the Custodians and the Trustee Master Servicer amounts to which each it is entitled pursuant to Section 8.059.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)8.02 of this Agreement;
(iv) to reimburse itself pursuant pay any Net Swap Payment or Swap Termination Payment payable to Section 7.02the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.0110.01 of this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He2), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Paying Agent for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees and Administration Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees of Administration Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee and the Administration Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust AdministratorAdministrator and the Paying Agent, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Paying Agent shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iviii) to reimburse itself the Trust Administrator or the Trustee pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(v) to pay any Extraordinary Trust Fund Expenses;
(vi) to reimburse the Paying Agent or the Trustee for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Series 2004 - HYB4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Series 2004 - HYB4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 11.01(g)(iii3.26;
(vii) to reimburse itself for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Citigroup Mortgag Loan Trust Series 2003-Up3), Pooling and Servicing Agreement (Salomon Bro Mor Sec Vii Inc Citigroup Mor Ln Tr Ser 2003-Up2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Master Servicer for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to such fifteenth day to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees, to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor, the Master Servicer, or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Master Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b);
(xii) on or prior to a Distribution Date, to remit to the Loan Performance Advisor the LPA Fee with respect to such Distribution Date. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Master Servicer shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date itself the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account Fees to which it is entitled pursuant to Section 3.12(c)8A.05;
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01; and
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.013.12(c).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Master Servicer for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date the (a) interest payments with Principal Prepayments in full received during the first day through the fifteenth day of a calendar month in a Prepayment Period representing interest accruals for the portion of the Prepayment Period from such first day to such fifteenth day to the extent not previously retained and (b) any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees, to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor, the Master Servicer, or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Master Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Master Servicer shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date itself the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account Fees to which it is entitled pursuant to Section 3.12(c)8A.05;
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01; and
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.013.12(c).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He8)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay the PMI Insurer the PMI Insurer Fee; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without required priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Trust and the Final Maturity Reserve Trust in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01; and
(ix) to pay itself the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He3), Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2004-6, Asset-Backed Certs., Series 2004-6), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-1, Asset-Backed Certs., Series 2005-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay the PMI Insurer the PMI Insurer Fee; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without required priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Trust and the Final Maturity Reserve Trust in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01; and
(ix) to pay itself the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He2), Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 11.01(g)(iii3.26;
(vii) to reimburse itself for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Union Planters Mort Pass THR Cert Ser 2000-Up1), Pooling and Servicing Agreement (Union Planters Mortgage Loan Trust Series 2001-Up1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverabe from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[Reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01;
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.3.12(c);
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-He3), Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Ln Tr Ser 2003he4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMs Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorNIMs Insurer and the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iv); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01; and
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2001-1 as Bk Cert Ser 2001-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee and the Trust Administrator in respect of clause (vi) hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2002-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator shall. On each Distribution Date, from time the Trustee shall be entitled to time, make withdrawals withdraw from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee Account amounts to which each it is entitled pursuant to Section 8.05;
(iii) 8.05 and the Available Distribution Amount pursuant to Section 4.01. The Trustee shall also withdraw from the Distribution Account pursuant to Section 3.12 and pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account. The Trustee shall also be entitled, from time to time, to make withdrawals (without duplication) from the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) , to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi10.01(g)(iii) or to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding in connection with the foregoing, termination of the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Fund in accordance with Article IX.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Floating Rate Certificates Series 1998-Nc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;4.04; 103
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerGuarantor (with respect to Group I Mortgage Loans only), the Trustee NIMS Insurer, the Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, the NIMS Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Guarantor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; 104
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2002-5)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Trust and the Final Maturity Reserve Trust in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (WaMu Asset-Backed Certificates, WaMu Series 2007-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, Master Servicer or the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2003-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Home Equity Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Home Equity Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Home Equity Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositorrelated Originator, each Originator the Depositor or the Seller, as the case may be, with respect to each Mortgage Home Equity Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Home Equity Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Home Equity Loan pursuant to Section 3.16(b); and
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Home Equity Loan by Mortgage Home Equity Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee, and the Trust Administrator, Administrator on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 2.01 and Section 8.05;
(iiii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[reserved];
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerGuarantor (with respect to Group I Mortgage Loans only), the Trustee NIMS Insurer, the Certificate Insurer, the Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, the NIMS Insurer, the Certificate Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and Certificateholders, the Certificate Insurer and the Guarantor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself and the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Mortgage Loan Trust 2002-4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligationobligation but only from the amounts received with respect to the Group I/II Mortgage Loans if such enforcement expenses are incurred in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such enforcement expenses are incurred in respect of a Group III Mortgage Loan; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b), but only from the amounts received with respect to the Group I/II Mortgage Loans if such advances are in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such advances are in respect of a Group III Mortgage Loan; and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses; pro rata, based on the aggregate Stated Principal Balances of the Group I/II Mortgage Loans and the Group III Mortgage Loans;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer, but only from the amounts received with respect to the Group I/II Mortgage Loans if such reimbursement is in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such reimbursement is in respect of a Group III Mortgage Loan;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and, but only from the amounts received with respect to the Group I/II Mortgage Loans if such taxes are in respect of a REMIC I/II-1, REMIC I/II-2, REMIC I/II-CX or REMIC I/II-PX and only from the amounts received with respect to the Group III Mortgage Loans if such taxes are in respect of a REMIC III-1, REMIC III-2, REMIC III-CX or REMIC III-PX;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27, but only from the amounts received with respect to the Group I/II Mortgage Loans if such advances are in respect of a Group I/II Mortgage Loan and only from the amounts received with respect to the Group III Mortgage Loans if such advances are in respect of a Group III Mortgage Loan;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account to transfer funds Master Servicer, but only from the amounts received with respect to the Expense Account on Group I/II Mortgage Loans if such fee is in respect of a Group I/II Mortgage Loan and only from the Business Day immediately preceding each Distribution Date pursuant amounts received with respect to Section 3.25(bthe Group III Mortgage Loans if such fee is in respect of a Group III Mortgage Loan; and
(x) prior to any payments pay itself the Trustee Fees, but only from the amounts received with respect to Certificateholders the Group I/II Mortgage Loans if such fee is in respect of a Group I/II Mortgage Loan and only from the Certificate Insurer pursuant amounts received with respect to Section 4.01the Group III Mortgage Loans if such fee is in respect of a Group III Mortgage Loan.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.04:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the applicable Seller, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(viii) to pay to the Master Servicer on a Servicer Remittance Date the excess of aggregate Prepayment Interest Excesses for the related Distribution Date over aggregate Prepayment Interest Shortfalls for such Distribution Date; and
(xix) to clear and terminate the Collection Account pursuant to Section 10.0110.
01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d4.04(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01Sections 4.01 and 8.05;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii9.01(g); and
(viiii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee (if the Trust Administrator is not the Master Servicer) amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Mortgage Loan Trust Ser 2002-Ust1 Mort Pass-THR Cert)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other 100 amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;; 101
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositorrelated Originator, each Originator the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Servicing Advance which is nonrecoverable in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account (other than the portion payable to New Century) pursuant to Section 3.12(c) and to pay to New Century on each Distribution Date as servicing compensation any interest on investment income earned on funds deposited into the Distribution Account by New Century pursuant to Section 3.12(b);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the related Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Solomon Bros Mort Sec Vii Inc Fl Rt MRT Ps THR Cert 1999 3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Home Equity Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Home Equity Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Home Equity Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Home Equity Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Home Equity Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Home Equity Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Home Equity Loan by Mortgage Home Equity Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Series 2000 Lb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.06:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Master Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.06;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Master Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds received or other amounts as may be collected by the Master Servicer with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Master Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the SellerBishop's Gate, as the case may be, with respect wxxx xxxxect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.06;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to clear and terminate the Collection Account pursuant to Section 10.01; and
(xi) to reimburse the Master Servicer for amounts deposited in error]. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 and 7.01(b);
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in Trustee respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26;
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.9.01; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon BRS MRT Sec Vii Inc New Cent Hm Eq L Tr Ser 2001-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the SellerSellers, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee (if the Trust Administrator is not the Master Servicer) amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ust1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee (if the Trust Administrator is not the Master Servicer) amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Sov Bk MRT Ln Tr Se 2002-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Trust and the Trust in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-4)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.05 hereof:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)) hereof;
(ii) subject to Section 3.16(d)) hereof, to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.05;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect prior to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may beapplicable, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) hereof all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.05;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, pay or to reimburse the Servicer for Servicing Advances made by it in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b) hereof;
(viii) to pay or reimburse the Seller and the Trustee pursuant to Section 9.01(c) and 9.01(f); , respectively, and
(xix) to clear and terminate the Collection Account pursuant to Section 10.0110.01 hereof. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided provided, however, that an Officer's Officers' Certificate in the form described under Section 4.03(d4.05(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01Sections 4.01 and 8.05 hereof;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii)9.01(g) hereof; and
(viiii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.0110.01 hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Certificate Insurer, the Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the combined reimbursement to the NIMS Insurer and the Certificate Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, the Certificate Insurer and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders Certificateholders, the Class A2-B Certificate Insurer and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[Reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01;
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.3.12(c);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Servicer for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.05;Section
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.28;
(vi) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brother Mort Sec Inc Sal Hm Eq Ln Tr Ser 2002 Wmc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Trust and the Final Maturity Reserve Account in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.04:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only any unreimbursed Advances to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments), Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances made with respect to the final liquidation of a Mortgage LoanLoan that, upon a Final Recovery Determination with respect to such Loan are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Loan pursuant to Section 3.16(b);
(viii) if the Master Servicer is a successor Master Servicer, to reimburse such Master Servicer for Servicing Transfer Costs to the extent set forth in Section 3.06;
(ix) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;; 71
(viiix) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, itself for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b9.01(c)(i); and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.01. The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d4.04(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled Fee pursuant to Section 4.01 and Section 8.05;
(iii) to pay any amounts in respect of taxes pursuant to Section 9.01(g);
(iv) to clear and terminate the Distribution Account pursuant to Section 10.01;
(v) to pay any amounts required to be paid to the Master Servicer on each Distribution Date Trustee pursuant to this Agreement, including but not limited to funds required to be paid pursuant to Section 3.06, Section 7.02 and Section 8.05;
(vi) to pay to the Master Servicing Fee and as servicing compensation Trustee, any interest or investment income earned on funds deposited in the Distribution Account Account;
(vii) to pay to an Advancing Servicer reimbursements for Advances and/or Servicing Advances pursuant to Section 3.12(c)3.29;
(ivviii) to reimburse itself pursuant remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii3.10(d); and
(viix) to clear and terminate pay to New South Federal Savings Bank any amount required to be paid by the Trustee to New South Federal Savings Bank from amounts on deposit in the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.016.06.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp New South Home Equity Trust 2001-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the DepositorOriginator, each Originator the Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.03 or a Servicing Advance which is nonrecoverable under clause (iii) above;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Fl Rte Pa THR Cer Ser 1999-Lbi)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or Servicer, any Sub-Servicer or the Collection Advisor, as applicable, (a) any unpaid Servicing Fees or Collection Advisor Fees, if applicable, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master ServicerDepositor, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Servicer, Ocwen or the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) with respect to Ocwen, to pay to itself any Prepayment Interest Excess on the Ocwen Mortgage Loans (to the extent not retained pursuant to Section 3.10(a)(i));
(xi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii), (ix) and (ixx) above. The Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee Custodian amounts to which each it is entitled pursuant to Section 8.058.05 or to pay itself for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26;
(vi) to pay the Credit Risk Manager the Credit Risk Manager Fee; and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc Home Equity Loan Tr Ser 2003 2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay, or to reimburse the Master Servicer for costs and expenses incurred with respect to any Mortgage Loan or REO Property after it has been charged off as contemplated in Section 3.16(a)(ii), but only to the extent of Gross Subsequent Recoveries received with respect to such Mortgage Loan or REO Property; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-A)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.01. 9.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b); The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[Reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01;
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.3.12(c);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Servicer, the Master Servicer or Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2003-5)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Class II-A3 Insurer, the Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer and the Class II-A3 Insurer pursuant to this clause shall be limited to an annual amount of $[__________.00];
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, the Class II-A3 Insurer and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Class II-A3 Insurer and for deposit into the Reserve Fund and the Supplemental Interest Account in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to pay, or to reimburse the Master Servicer for costs and expenses incurred with respect to any Mortgage Loan or REO Property after it has been charged off as contemplated in Section 3.16(a)(ii), but only to the extent of Gross Subsequent Recoveries received with respect to such Mortgage Loan or REO Property; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01; and
(ix) to pay itself the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset-Backed Certs Series 2004-A)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled Trustee's Fee pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asset Bk Cert Ser 1998-Aq1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master ServicerDepositor, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section Sections 3.01 (to the extent of costs associated with recording a Mortgage in the name of MERS) and 6.03;
(viii) to reimburse the Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to reimburse the Servicer for amounts deposited into the Collection Accounti in error; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself itself, the Trustee and the Trustee Custodian (if the Trust Administrator is not the Servicer) amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation Depositor any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) to reimburse itself for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Servicer) to the same extent the Servicer would be entitled to reimbursement under Section 3.11(a); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I P& I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I P& I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse toreimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I P& I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I P& I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in Trustee respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to pay to an Advancing Person reimbursements for P& I Advances and/or Servicing Advances pursuant to Section 3.26;
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.9.01; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2001-Nc2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master Servicer, the Depositor, each Originator or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer itself or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.01. 9.01;
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b); The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01;
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.3.12(c);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equ Loan Tr Ser 2003-He1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee Trust Administrator (if the Trust Administrator is not the Master Servicer) amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Salo Mort Ln Tr Ser 2001-Cpb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master ServicerOriginator, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[Reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01; and
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.013.12(c).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Asset Back Pass-THR Certs Ser 2004-He2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.035.03 of this Agreement:
(i) to remit to the Trust Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.10(d)3.08(d) of this Agreement;
(ii) subject to Section 3.16(d)3.13(d) of this Agreement, to reimburse the Servicer itself (including any successor Servicer) for P&I AdvancesAdvances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.035.03;
(iii) subject to Section 3.16(d)3.13(d) of this Agreement, to pay the Servicer or any Sub-Servicer (a) itself any unpaid Servicing Fees, (b) Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse or rental or other income from the Servicer or any Sub-Servicer for Servicing Advancesrelated REO Property;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing FeeFee or portion thereof payable to the Servicer) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator itself or the SellerSponsor, as the case may be, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c3.13(c) of this Agreement all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse itself (including any successor to the Servicer for Servicer) for
(A) any P&I Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.035.03 of this Agreement provided however, that the Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance of this Agreement;
(B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.06(a)(iii) of this Agreement; or
(C) any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by the Servicer in accordance with the terms of this Agreement; provided that the Servicer shall only reimburse itself for such P&I Advances and Servicing Advances at the time of such modification or as otherwise provided in this Section 3.09;
(vii) to reimburse the Servicer itself or the Depositor for expenses incurred by or reimbursable to the Servicer itself or the Depositor, as the case may be, pursuant to Section 6.033.01 or Section 7.03 of this Agreement;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.16(b3.13(b) of this Agreement;
(x) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)) of this Agreement; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.0110.01 of this Agreement. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (ixx) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Securities Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.015.01 of this Agreement;
(ii) to pay to itself itself, the Custodian and the Trustee Master Servicer amounts to which each it is entitled pursuant to Section 8.059.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses;
(iii) to pay to reimburse itself or the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)8.02 of this Agreement;
(iv) to reimburse itself pursuant pay any Net Swap Payment or Swap Termination Payment payable to Section 7.02the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap Provider;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii)11.01(g)(v) of this Agreement;
(vi) to pay the Credit Risk Management Fee to the Credit Risk Manager; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.0110.01 of this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Fm1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.034.04:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Advances, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(viii) to pay to the Master Servicer on a Servicer Remittance Date the excess of aggregate Prepayment Interest Excesses for the related Distribution Date over aggregate Prepayment Interest Shortfalls for such Distribution Date; and
(xix) to clear and terminate the Collection Account pursuant to Section 10.0110.
01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ixvii) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses subclause (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d4.04(d) shall suffice for such written notification to the Trust Administrator Trustee in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01Sections 4.01 and 8.05;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii9.01(g); and
(viiii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (United Panam Financial Corp)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master Servicer, the Depositor, each Originator or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer itself or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01;
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b); and
(xii) to pay the Servicer any Prepayment Interest Excess for any Prepayment Period. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01;
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.3.12(c);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-He2)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicerrelated Originator, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[reserved];
(iv) to reimburse itself or the Trustee pursuant to Section 7.027.02(b) or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay to itself the Administrative Fee;
(vi) to remit to the Servicer any amounts amount deposited in respect of taxes pursuant the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 11.01(g)(iii3.10(d); and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp Home Equity Ln Tr Ser 2001-He2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Sub- Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salom BRS MRT Sec Vii Call FLT Rt Mt Ps Th Cer Ser 1998 Nc5)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Guarantor, the Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorNIMS Insurer, the Guarantor and the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iv);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Cert Ser 2001-2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of 108 this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and into the Certificate Insurer Supplemental Interest Account and the Final Maturity Reserve Account in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01; 109
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl2 Asset-Backed Certificates)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer Servicer, as applicable, (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.02(b) and Section 6.03;
(viii) to reimburse the Servicer, the Master Servicer or Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator Trustee in respect of clause (vi) hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(viv) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(v) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Mortgage Sec Home Equity Loan Ser 2003-4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Class I-A4 Insurer, the Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer and the Class I-A4 Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, the Class I-A4 Insurer and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Class I-A4 Insurer and for deposit into the Reserve Fund, the Supplemental Interest Account and the Final Maturity Reserve Account in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the SellerOriginator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMs Insurer, the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to reimburse the Master Servicer for any payment of the Administration Fee by it to the Trust Administrator pursuant to Section 8.05(a)
(xi) to pay itself any Prepayment Interest Excess; and
(xxii) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii), (ix) and (ixx) above. The Master Servicer shall provide written notification to the Trust Administrator, Administrator and the NIMs Insurer on or prior to the next succeeding Master Servicer Remittance Reporting Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.01 and Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01; and
(vii) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Floating Rate Mortgage Pass-Through Cert-Series 2001-2)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled (including the Trustee's Fee) pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Fl Rt MR Pa Th Cer Ser 2000 Lb1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees to the extent not recoverabe from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Depositor, the Master Servicer or the Depositor Originator for expenses incurred by or reimbursable to the Servicer, the Originator, the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Serviceritself, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trustee and the Trust Administrator, Administrator on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay the Master Servicing Fee to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)3A.09;
(iv) to pay to itself the Trust Administration Fee pursuant to Section 8.05 and to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01;
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.3.12(c);
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2003-B Asset Backed Certs)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I unreimbursed Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds on Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan or REO Property and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
; (v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator NC Capital or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing FeeFees) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and (if the Trustee is not the Master Servicer) amounts to which each it is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section Sections 7.01 and 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iv);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Mortgage Loan Trust Series 2003-Nbc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Paying Agent for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
; (iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees and unpaid Administration Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer for any P&I Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each the Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee or the Trust Administrator, as the case may be, for expenses reasonably incurred in connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee and the Trust Administrator in respect of clause (vi) hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.058.05 or for Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c3.12(b);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii);
(vi) to pay to an Advancing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; and
(vivii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc New Cent Hm Eq Ln Tr Ser 2000-Nc1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) if the Master Servicer is the Trust Administrator, to pay to the Trust Administrator the related portion of the Administration Fee; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof9.01.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Mort Pas Th Ce Ser 2000-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) Fees and reimburse the Servicer any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Servicer for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 6.03;
(viii) to reimburse the Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) to deposit to the Simple Interest Excess Sub-Account any amount required to be deposited therein;
(xi) to withdraw from the Collection Account and release from the Trust Fund the amount of any Prepayment Interest Excess; and
(xxii) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Administrator on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trust Administrator or to the Trustee amounts to which each the Trust Administrator or the Trustee, as the case may be, is entitled pursuant to Section 8.058.05 and, without duplication, any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mort Ln Tr Asst Back Ps THR Certs Ser 2003-He3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer Sub‑Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and for deposit into the Certificate Insurer Reserve Fund, the Supplemental Interest Trust and the Final Maturity Reserve Trust in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-5)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Master Servicer for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation Final Recovery Determination of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b);
(v) to pay to the Serviceritself, the Master ServicerOriginators, the Depositor, each Originator Seller or the SellerDepositor, as the case may be, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 and (B) any unpaid Servicing Fees, to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii);
(vii) to reimburse itself, the Servicer Depositor, the Master Servicer, or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Master Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Master Servicer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Master Servicer shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date itself the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account Fees to which it is entitled pursuant to Section 3.12(c)8A.05;
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01; and
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.013.12(c).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He6)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator as agent for the Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the NIMs Insurer, the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the NIMs Insurer, the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself or the Trustee pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iv); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01; and
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2000 1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerGuarantor (with respect to Group I Mortgage Loans only), the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g);
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Tr 2001-3 as-BCKD Cert Ser 2001-3)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerNIMS Insurer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee and the NIMS Insurer, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer or Interim Servicer, as the case may be, for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) Interim Servicer, as the case may be, any unpaid Servicing FeesFees and reimburse the Servicer or Interim Servicer, (b) as the case may be, any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer or the Interim Servicer, as the case may be, as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to not included in the date of purchase Purchase Price or substitution, as the case may beSubstitution Shortfall Amount;
(vi) to reimburse the Servicer or the Interim Servicer, as the case may be, for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.034.03 or a Nonrecoverable Servicing Advance in connection with any outstanding advances on a second lien Mortgage Loan that has been written off pursuant to Section 3.07;
(vii) to reimburse the Servicer, the Interim Servicer or the Depositor for expenses incurred by or reimbursable to the Servicer, the Interim Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 6.03;
(viii) to reimburse the Servicer, the Trustee Interim Servicer, the Certificate Insurer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to reimburse itself or the Interim Servicer, as the case may be, for any Advances previously made from the Collection Account, to the extent of funds held therein for future distribution. The foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. Following the last Servicing Transfer Date, the Servicer shall immediately withdraw and remit to the Interim Servicer all previously unreimbursed Servicing Advances, Advances, Servicing Fees and all other amounts to which the Interim Servicer is entitled pursuant to the foregoing and the other terms of this Agreement, on a "first-in, first-out" basis. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, Trustee and the Certificate Insurer on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and or the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 and any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(iv) to pay to an Advance Financing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.28;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2004-Res1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account Account, for any of the following purposes or as described in Section 4.034.04, without priority:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.04;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Servicer or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance or Servicing Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.034.04;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the ServicerGuarantor (with respect to Group I Mortgage Loans only), the Trustee NIMS Insurer, the Master Servicer or the Trust AdministratorTrustee, as the case may be, for enforcement expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be limited to an annual amount of $25,000;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, the NIMS Insurer and the Guarantor, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Guarantor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each it is entitled pursuant to Section 8.058.05 or to pay any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.027.02 or pursuant to Section 7.01 to the extent such amounts in Section 7.01 were not reimbursed by the Master Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g); and;
(vi) to remit to the Master Servicer any amount deposited in the Distribution Account by the Master Servicer but not required to be deposited therein in accordance with Section 3.10(d);
(vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27;
(viii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding 9.01;
(ix) to pay the foregoing, PMI Insurer the Trust Administrator shall be entitled to withdraw amounts PMI Insurer Fee based on information received from the Distribution Account Master Servicer; and
(x) to transfer funds to pay itself the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.01Trustee Fees.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Series 2003-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (c) any Nonrecoverable Servicing Advances with respect to the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the SellerOriginator, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee Master Servicer or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and
(x) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trust AdministratorTrustee, on or prior to the next succeeding Master Servicer Remittance Reporting Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself the Trustee's Fee and the Trustee amounts to which each is entitled expenses pursuant to Section 8.05;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation itself any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.01 and Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and
(vi) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Floating Rate Mort Pass Through Cert Series 2000-1)
Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Servicer for itself for, without duplication, (a) P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Proceeds, condemnation proceeds or Insurance Proceeds on the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.034.03 or (b) any xxxxxxxxxxxx X&X Advances remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable pursuant to subsection (ii)(a) hereof;
(iii) subject to Section 3.16(d), to pay the Servicer itself or any Sub-Servicer (a) any unpaid Servicing Fees, Fees or (b) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds and Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, and Loan or (c) any Nonrecoverable unreimbursed Servicing Advances with respect to made remaining after the final liquidation of a Mortgage LoanLoan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or any related Sub-Servicer for Servicing Advances;
(iv) to pay to the Servicer itself as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Serviceritself, Ameriquest, the Master Servicer, Seller or the Depositor, each Originator or the Seller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) ), as applicable, all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Servicer itself (A) for any P&I Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance in accordance with the provisions of Section 4.03, (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds, condemnation proceeds or other amounts received with respect to the related Mortgage Loans under Section 3.11(a)(iii) and (C) any xxxxxxxxxxxx X&X Advance or Servicing Advance to the extent of funds held in the Collection Account for future distribution that were not included in Available Funds for the preceding Distribution Date, provided that such funds shall be appropriately reflected in the Servicer’s records and replaced by the Servicer by deposit in the Collection Account on or before the next succeeding Servicer Remittance Date on which such funds would be due;
(vii) to reimburse itself, the Servicer Depositor or the Depositor Seller for expenses incurred by or reimbursable to the Servicer Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Servicer, the Trustee itself or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Servicer itself for Servicing Advances advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b); and;
(x) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor and to clear and terminate the Collection Account pursuant to Section 10.019.01; and
(xi) to pay to itself any interest income earned on funds deposited in the Collection Account pursuant to Section 3.12(b). The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer shall provide written notification to the Trust Administrator, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator Trustee shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer Depositor in accordance with Section 4.01;
(ii) to pay to itself and the Trustee amounts to which each is entitled pursuant to Section 8.05any Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c)[Reserved];
(iv) to reimburse itself pursuant to Section 7.027.01 to the extent such amounts in Section 7.01 were not reimbursed by the Servicer;
(v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(iii10.01(g)(iii); and;
(vi) to remit to the Servicer any amount deposited in the Distribution Account by the Servicer but not required to be deposited therein in accordance with Section 3.10(b) or (d);
(vii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled 9.01; and
(viii) to withdraw amounts from pay to itself any interest income earned on funds deposited in the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.013.12(c).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He4)
Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:
(i) to remit to the Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d);
(ii) subject to Section 3.16(d), to reimburse the Master Servicer for P&I Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance Proceeds Payments on Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 4.03;
(iii) subject to Section 3.16(d), to pay the Master Servicer or any Sub-Sub- Servicer (aA) any unpaid Servicing Fees, (bB) any unreimbursed Servicing Advances with respect to each Mortgage Loan, but only to the extent of any Late CollectionsLiquidation Proceeds, Liquidation Proceeds and Insurance Proceeds or other amounts as may be collected by the Master Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan, Loan and (cC) any Nonrecoverable nonrecoverable Servicing Advances with respect to following the final liquidation of a Mortgage Loan, but only to the extent that Late Collections, Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse the Master Servicer or any Sub-Servicer for such Servicing Advances;
(iv) to pay to the Master Servicer as servicing compensation (in addition to the Servicing Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account;
(v) to pay to the Servicer, the Master Servicer, the Depositor, each Originator Depositor or the SellerSellers, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.16(c) all amounts received thereon subsequent to the date of purchase or substitution, as the case may be;
(vi) to reimburse the Master Servicer for any P&I Advance previously made which the Master Servicer has determined to be a Nonrecoverable P&I Advance in accordance with the provisions of Section 4.03;
(vii) to reimburse the Master Servicer or the Depositor for expenses incurred by or reimbursable to the Master Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
(viii) to reimburse the Master Servicer, the Trustee Trust Administrator or the Trust AdministratorTrustee, as the case may be, for expenses reasonably incurred in connection with any respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this AgreementAgreement that were included in the Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;
(ix) to pay, or to reimburse the Master Servicer for Servicing Advances advances in respect of, of expenses incurred in connection with any Mortgage Loan pursuant to Section 3.16(b);
(x) [reserved]; and
(xxi) to clear and terminate the Collection Account pursuant to Section 10.019.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Master Servicer shall provide written notification to the Trustee and the Trust Administrator, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and subclause (vii) above; provided that an Officer's Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trust Administrator in respect hereof.
(b) The Trust Administrator shall, from time to time, make withdrawals from the Distribution Account, for any of the following purposes, without priority:
(i) to make distributions to Certificateholders and the Certificate Insurer in accordance with Section 4.01;
(ii) to pay to itself and the Trustee (if the Trust Administrator is not the Master Servicer) amounts to which each is entitled pursuant to Section 8.058.05 and any other Extraordinary Trust Fund Expenses;
(iii) to pay to the Master Servicer on each Distribution Date the Master Servicing Fee and as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);
(iv) to reimburse itself pursuant to Section 7.02;
(v) to pay any amounts in respect of taxes pursuant to 10.01(g)(iii);
(vi) [reserved];
(vii) to reimburse itself for any P&I Advance made by it under Section 11.01(g)(iii7.01 (if not reimbursed by the Master Servicer) to the same extent the Master Servicer would be entitled to reimbursement under Section 3.11(a); and
(viviii) to clear and terminate the Distribution Account pursuant to Section 10.01. Notwithstanding the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.25(b) prior to any payments to Certificateholders and the Certificate Insurer pursuant to Section 4.019.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2003 Ust-1)