Common use of Withdrawals from the Collection Account and Distribution Account Clause in Contracts

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap4), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap5), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap6)

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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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the related Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement 8.05 and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Salomon Broth Mort Sec Vii Inc Citi Hm Eq Ln Tr Se 2003-He1), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc), Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicerservicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 5.03 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;; or (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 3.08(a)(iii3.06(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-He6), Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (Ace 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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)3.13(c) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing FeesFees payable to the Servicer) of Monthly Payments or rental and other income from the related REO Property on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)3.13(c) of this Agreement, to pay itself any unpaid Servicing Fees payable to the Servicer and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or and other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; provided however, that the no 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 AdvanceAdvance of this Agreement; (B) any unpaid Servicing Fees payable to the Servicer to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.08(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, modification or as otherwise provided in this Section 3.09; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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 (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(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; (viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(b); and (viiiix) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sl3), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sl4)

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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or deposit into the Master Servicer pursuant to Section 8.02; (iv) to pay Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the other than any Swap Termination Payment resulting from a Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)Trigger Event) owed to the Swap ProviderProvider from funds collected and received with respect to the Group 2 Mortgage Loans prior to the determination of Available Funds; (iv) to reimburse itself and the Trustee 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)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee 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 extent that such amount to be reimbursed is included in the Purchase Price.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Jpmac 2006-Ch2), Pooling and Servicing Agreement (Jpmac 2006-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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of on the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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 income or gain realized from the investment of the 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02[Reserved]; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.9.01; (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c);

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2003-He6), Pooling and Servicing Agreement (Asset Backed Pass Through Certificates Series 2003-He6)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itMonthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the Servicer) for (A) any P&I Monthly Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Monthly Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) to clear and terminate the Collection Account pursuant to Section 10.01. In addition to the foregoing, the Trustee shall be entitled to withdraw amounts from the Distribution Account and 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 as required pursuant to Section 4.01. 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing 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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from to the related REO Propertyextent of funds held in the Collection Account for future distribution that were not included in Available Distribution Amount for the preceding Distribution Date; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Repurchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself it or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Repurchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (vi) to pay the Master Servicing Fee to the Master Servicer; (viiv) to pay the Credit Risk Management Fee to the Credit Risk Manager; and (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Fre1), Pooling and Servicing Agreement (Sg Mortgage Securities Trust 2006-Fre2)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer, as applicable, (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or 3.02(b) and Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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)Excess; and (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), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above; provided that an Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 8.05 or any other provision of this Agreement and any for Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(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 make any deposits into the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk ManagerSwap Account in accordance with Section 4.07; and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.;

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (New Century Mortgage Securities LLC), Pooling and Servicing Agreement (New Century Mortgage Securities Inc)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer, as applicable, (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or 3.02(b) and Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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)Excess; and (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), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above; provided that an Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 8.05 or any other provision of this Agreement and any for Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(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 make any deposits into the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk ManagerSwap Account in accordance with Section 4.07; and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.;

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-D), Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2005-C)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself or any Sub-Servicer for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation 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 or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or rental any related Sub-Servicer for Servicing Advances or other income from (c) in accordance with 4.03(b) any xxxxxxxxxxxx X&X Advances to the related REO Propertyextent of funds held in the Collection Account for future distributions that were not included in Available Funds for the preceding Distribution Date; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date the (a) Prepayment Interest Excess and (b) any interest or investment income earned on funds deposited in the Collection AccountAccount pursuant to Section 3.12(b), other than any interest payments received with Principal Prepayments during the period from November 6, 2006 to November 15, 2006 which shall be paid to the Depositor; (v) to pay to itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; 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; 4.03 and (B) any unpaid Servicing Fees Fees, to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) on or prior to reimburse itself or a Distribution Date, to remit to the Master Servicer pursuant Loan Performance Advisor the LPA Fee with respect to Section 8.02such Distribution Date; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series 2006-He7), Pooling and Servicing Agreement (Asset Backed Securities Corp Home Equity Loan Trust, Series RFC 2007-He1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer, as applicable, (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or 3.02(b) and Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above; provided that an Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof. (b) The Securities 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 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 8.05 or any other provision of this Agreement and any for Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(g)(iii); (viv) to pay the Master to an Advancing Person reimbursements for P&I Advances and/or Servicing Fee Advances pursuant to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk ManagerSection 3.26; and (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-A), Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itunreimbursed Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, received with respect to such related Mortgage Loan or rental 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, received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to withdraw amounts deposited therein in error; (xi) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans (to the extent not retained pursuant otherwise retained); (xii) to Section 3.08(a)(ii)withdraw amounts deposited therein in error; and (xixiii) 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 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), ) and (ix) above. The Servicer shall provide written notification to the 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 (iii)(c) and (xvi) 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 respect of clause (vi) hereof. (b) The Securities 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 the Swap Account in accordance with Section 5.014.08; (ii) to pay make distributions to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Certificateholders in accordance with Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses4.01; (iii) to reimburse pay itself or the Master Servicer Trustee Fee and any Extraordinary Trust Fund Expenses pursuant to Section 8.028.05; (iv) to pay to itself on each Distribution Date any Net Swap Payment interest or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined investment income earned on funds deposited in the Swap AgreementDistribution Account pursuant to Section 3.12(b)) owed to the Swap Provider; (v) to reimburse itself pursuant to Section 7.02; (vi) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk Manageran Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.26; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01. The foregoing requirements for withdrawal from the Distribution Account shall be exclusive. In the event the Trustee shall deposit in the Distribution Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or deposit into the Master Servicer pursuant to Section 8.02; (iv) to pay Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the other than any Swap Termination Payment resulting from a Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)Trigger Event) owed to the Swap ProviderProvider from funds collected and received with respect to the Group 2 Mortgage Loans prior to the determination of Available Funds for Group 2; (iv) to reimburse itself 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)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to reimburse itself, the Trust, the 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 extent that such amount to be reimbursed is included in the Purchase Price.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-He1), Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Trust 2007-He1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the related Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay deposit to itself any Prepayment the Simple Interest Excess on the related Mortgage Loans Sub-Account any amount required to the extent not retained pursuant to Section 3.08(a)(ii)be deposited therein; and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Eq Loan Trust Ser 2002 Cit1 Asst Back Pass Thru 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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself or any Sub-Servicer for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation 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 or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or rental or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 the date such prepayment is applied by the Servicer 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; 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; 4.03 and (B) any unpaid Servicing Fees Fees, to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) on or prior to reimburse itself or a Distribution Date, to remit to the Master Servicer pursuant Loan Performance Advisor the LPA Fee with respect to Section 8.02such Distribution Date; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Securities CORP Home Equity Loan Trust, Series NC 2006-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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the 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 5.03; 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;or (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 3.08(a)(iii3.06(a)(iii); 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 itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to the Swap ProviderSection 3.25; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-He3)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments or rental and other income from the related REO Property on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, as the case may be, with respect to each Mortgage Loan serviced by the Servicer that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself any Prepayment Interest Excess Recovery Fees in respect of net recoveries received on the related Mortgage any Charged Off Loans to the extent not retained pursuant to Section 3.08(a)(ii)3.13; and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 Class A Certificate Insurer in accordance with Section 5.01; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 to subsection (ii)(a) hereof; (iii) subject to Section 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation 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 or (c) any unreimbursed Servicing Advances made remaining after the final liquidation of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or rental or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself itself, the Originator, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself itself, the Guarantor (with respect to the Group I Mortgage Loans only) or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee and the Guarantor on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse pay to itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c); (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master Servicer; (vii) Servicer any amount deposited in the Distribution Account by the Servicer but not required to pay the Credit Risk Management Fee to the Credit Risk Managerbe deposited therein in accordance with Section 3.10(d); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Pass Through Certificates Ser 2002-He3)

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 purposes, without priority, or as described in Section 5.034.03: (i) to remit to the Securities Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer or the Trust Administrator for P&I Advances made by itPayment Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Modified Scheduled Payments on related Mortgage Loans with respect to which such P&I Payment Advances were made in accordance with the provisions of Section 5.034.03 or Section 7.02; provided that no such Payment Advances shall be reimbursed to the Servicer until all Payment Advances, if any, made by the Trust Administrator have been reimbursed to the Trust Administrator; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds Proceeds, Late Collections and Insurance Proceeds received with respect to such related Mortgage Loan (provided, however, that if in the good faith business judgment of the Servicer, any unreimbursed Servicing Advance will not be ultimately recoverable from related Late Collections, Liquidation Proceeds or rental or other income Insurance Proceeds on such Mortgage Loan, then withdrawal from the related REO Propertygeneral funds in the Collection Account, without regard to the limitation set forth above, will be permitted); (iv) subject to Section 3.12(b), to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorMortgage Loan 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Servicer or the Trust Administrator for any successor to the Servicer) for (A) any P&I Advance or Servicing Payment Advance previously made by it which the Servicer or the Trust Administrator has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Payment Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Trust Administrator or the Trustee, as the case may be, Trustee for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself the Servicer 8% of any Prepayment Interest Excess amount collected on a Mortgage Loan and applied in accordance with the related provisions of this Agreement in reduction of the outstanding Arrearage of such Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)Loan; and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) 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. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay transfer to itself, the Custodians and Expense Account the Master Servicer amounts to which it is entitled Administrative Fee pursuant to Section 9.05 or any other provision of this Agreement 3.25 and any Extraordinary Trust Fund ExpensesSection 8.05; (iii) to reimburse pay itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c) and to pay to the Servicer any interest income earned on funds on deposit in the Distribution Account that are deemed to remain in the Collection Account as set forth in Section 3.10(b) or Section 3.10(d); (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to the 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 ProviderSection 7.02; (v) to reimburse itself or the Trustee pursuant to Section 8.05 in respect of indemnification amounts payable by the Trust Fund to the Trust Administrator or the Trustee pursuant to Section 8.05; (vi) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v11.01(h)(iv); (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 (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Ce Se 2001-2)

Withdrawals from the Collection Account and Distribution Account. (a) The Each Servicer shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.08(c) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)3.08(e) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.035.03 of this Agreement; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances made by the Seller or the related Servicer prior to or following the Cut-off Date with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Simple Interest Excess Sub-Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it it, which the related Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.035.03 of this Agreement; provided however, that the a Servicer shall not be entitled to reimbursement for any Servicing Advance made prior to the Cut-off Date if the such Servicer determines that such Servicing Advance constitutes a Nonrecoverable Servicing Advance; (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 3.08(a)(iii)3.08(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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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; (xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited therein pursuant to Section 3.08(b) of this Agreement; and (xixii) to clear and terminate the related Collection Account pursuant to Section 10.0110.01 of this Agreement. The Each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix), (x) and (xxi) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.02 of this Agreement; (iv) to reimburse WAMU for any overages paid by WAMU in connection with Section 4.20 of this Agreement; (v) to pay any amounts in respect of taxes pursuant to Section 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; (viii) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (viix) to pay the Master Excess Servicing Fee Fee, if any, to the Master Servicer; (viiClass CE-2 Certificateholder pursuant to Section 5.01(f) to pay the Credit Risk Management Fee to the Credit Risk Managerof this Agreement; and (viiix) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp. Home Equity Loan Trust, Series 2005-Sd3)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor the Master Servicer) , the Trustee or the Fiscal Agent for P&I Advances made by itPayment Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub- Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor, the Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), ) and (ix) and above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself the Custodians and the Master Servicer amounts to which it is entitled Trustee's Fee pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses8.05; (iii) to reimburse pay itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c); (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to the 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 ProviderSection 7.02; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(h)(iii); (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 (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1997-Aq2)

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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The 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 Certificateholders, the Securities Administrator and the Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02Reserved; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master Servicer; 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 (vii) to pay the Credit Risk Management Fee to the Credit Risk Managerd); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself the Servicer any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2004-Hs1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02[Reserved]; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Back Pass-Through Certificates, Series 2004-He3)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor or the SponsorOriginator, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses8.05; (iii) to reimburse pay to itself any interest or investment income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(b); (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to the 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 ProviderSection 7.02; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (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 (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 1999-NCC)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) 3.27 all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself it or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2004-Op1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any SubServicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor, the Originator or the SponsorSeller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 2.03, Section 3.16(a) or Section 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), ) and (ix) and above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1996-Lb1a)

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 5.034.03: (i) to remit to the Securities Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d), to reimburse itself for (including any successor Servicerx) for P&I Advances and Servicing Advances; the Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan which represent payments of (a) principal and/or interest respecting which any such P&I Advance was made by itor (b) Condemnation Proceeds, but only Insurance Proceeds or Liquidation Proceeds respecting which any such Servicing Advance was made or (y) any uxxxxxxxxxxx X&X Advances made to the extent of amounts received which represent Late Collections (net of funds held in the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances Collection Account for future distribution that were made not included in accordance with Available Funds for the provisions of Section 5.03preceding Distribution Date; (iii) subject to Section 3.13(d)reimburse itself for unreimbursed Servicing Advances, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing for uxxxxxxxxxxx X&X Advances with respect to each related Mortgage Loan, but only to the extent that such amounts are deemed to be Nonrecoverable Advances, to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of any Liquidation Proceeds and Insurance Proceeds received with respect REO Property, to reimburse itself for such related amounts to the extent that such P&I Advances or Servicing Advances have not been reimbursed at the time a Mortgage Loan or rental or other income from the related REO Propertyhas been modified and to reimburse itself for a Nonrecoverable Advance in connection with any outstanding advances on a second lien Mortgage Loan that has been written off pursuant to Section 3.07; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor or the Sponsor, 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 3.13(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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[reserved]; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 pay itself any Prepayment Interest Excess (to reimburse itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(bthe extent not otherwise retained); (x) to pay pay, or to itself reimburse the Servicer for advances in respect of expenses incurred in connection with any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained Loan pursuant to Section 3.08(a)(ii3.16(b); and; (xi) to clear and terminate the Collection Account pursuant to Section 10.019.01; and (xii) to withdraw any amounts deposited in the Collection Account in error. 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), ) 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 subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself any interest income earned on funds deposited in the Custodians and the Master Servicer amounts to which it is entitled Distribution Account pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses3.12(c); (iii) to reimburse itself the Trust Administrator or the Master Servicer Trustee pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(g)(iii); (v) to pay any Extraordinary Trust Fund Expenses; (vi) to pay reimburse the Master Servicing Fee Trust Administrator or the Trustee for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Servicer) to the Master Servicersame extent the Servicer would be entitled to reimbursement under Section 3.11(a); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager[reserved]; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc3)

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 5.034.04, without priority: (i) to remit to the Securities Administrator Trust Administrator, as agent for the Trustee, for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.04; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related 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 related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Master Servicer for any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.04; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Master Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, 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 subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians itself and the Master Servicer Trustee amounts to which it is entitled pursuant to Section 9.05 8.05 or to pay any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse pay to itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c); (iv) to pay any Net Swap Payment reimburse itself and the Trustee pursuant to Section 7.02 or Swap Termination Payment payable pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderMaster Servicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 the Credit Risk Management Fee to the Credit Risk Manager; andan 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 10.019.01; and (ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mort Loan Trust 2002-1as Back Cert Ser 2002-1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation 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 or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or rental or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originators, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; 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; 4.03 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02[reserved]; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He7)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itMonthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or the Servicer any unpaid Master Servicing Fees or Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself (a) the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection AccountAccount and (b) Master Servicer on the Master Servicer Remittance Date, the Master Servicing Fee and all prepayment penalties; (v) to pay to itself the Master Servicer, the Depositor or the SponsorMortgage Loan 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the Servicer) for (A) any P&I Monthly 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to 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 (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation 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 or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or rental or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; 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; 4.03 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02[reserved]; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He9)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any SubServicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor, the Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1996-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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub-Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any 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 related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.,

Appears in 1 contract

Samples: 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 for any of the following purposes purposes, without priority, or as described in Section 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itunreimbursed Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, received with respect to such related Mortgage Loan or rental 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, received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor, NC Capital or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to withdraw amounts deposited therein in error; (xi) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans (to the extent not retained pursuant otherwise retained); (xii) to Section 3.08(a)(ii)withdraw amounts deposited therein in error; and (xixiii) 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 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), ) and (ix) above. The Servicer shall provide written notification to the 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 (iii(c)) and (xvi) 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 in respect of clause (vi) hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and itself any Extraordinary Trust Fund ExpensesExpenses pursuant to Section 8.05; (iii) to reimburse itself or pay the Master Servicer pursuant to Section 8.02Credit Risk Manager the Credit Risk Manager Fee; (iv) to pay to itself on each Distribution Date any Net Swap Payment interest or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined investment income earned on funds deposited in the Swap AgreementDistribution Account pursuant to Section 3.12(b)) owed to the Swap Provider; (v) to reimburse itself pursuant to Section 7.02; (vi) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee make distributions to the Credit Risk ManagerSwap Account; (viii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.26; and (viiiix) to clear and terminate the Distribution Account pursuant to Section 10.019.01. The foregoing requirements for withdrawal from the Distribution Account shall be exclusive. In the event the Trustee shall deposit in the Distribution Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-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 5.034.03: (i) to remit to the Securities Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Master Servicer, the Depositor, each Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), ) and (ix) and (x) above. (b) . The Securities Administrator shallServicer shall provide written notification to the Trust Administrator, from time on or prior to timethe next succeeding Servicer Remittance Date, make upon making any withdrawals from the Distribution Account, for any of the following purposes, without priority: (i) to make distributions to Certificateholders in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled Collection Account pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); subclauses (vi) to pay the Master Servicing Fee to the Master Servicer; and (vii) to pay above; provided that an Officer's Certificate in the Credit Risk Management Fee form described under Section 4.03(d) shall suffice for such written notification to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.01Trust Administrator in respect hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Argent Securities Inc)

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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.035.03 of this Agreement; provided 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; (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 3.08(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, modification or as otherwise provided in this Section 3.09; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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 (xi) 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), (v), (vi), (vii), (viii), (ix), (x) and (xxi) above. (b) The 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 Holders of the Class 1-A-1, Class 2-A-1-1, Class 2-A-1-3, Class 2-A-1-4, Class 2-A-1-5 and Class 2-A-1-7 Certificates, the Class 2-A-1-2 Underlying Interest, the Class 2-A-1-6 Underlying Interest, the Mezzanine Certificates, the Class CE Certificates, the Class P Certificates and the Class R Certificates in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.01(a) and Section 8.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the related Certificate Swap Agreement)) owed to the Swap Provider; (v) to pay any amounts in respect of taxes pursuant to Section 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 (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-1)

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 5.034.04, without priority: (i) to remit to the Securities Administrator Trust Administrator, as agent for the Trustee, for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.04; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related 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 related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Master Servicer for any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.04; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Master Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation;; 107 (ix) to pay, or to reimburse itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, 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 subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians itself and the Master Servicer Trustee amounts to which it is entitled pursuant to Section 9.05 8.05 or to pay any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse pay to itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c); (iv) to pay any Net Swap Payment reimburse itself and the Trustee pursuant to Section 7.02 or Swap Termination Payment payable pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderMaster Servicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 the Credit Risk Management Fee to the Credit Risk Manageran Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.27; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mort Loan Tr 2001-4 as Bk Cert Ser 2001-4)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicerservicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 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;or (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee and the 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 (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-Ag1)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (vi) to pay the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; (viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(f); and (viiiix) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap3)

Withdrawals from the Collection Account and Distribution Account. (a) The Each Servicer shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 or (b) any unreimbursed P&I Advanxxx xxmaining after the final liquidation of a related Mortgage Loan that are Nonrecoverable P&I Advances not otherwise recoverable to subsection (ii)(a) hereof; (iii) subject to Section 3.13(d3.16(d), to pay itself or any related Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation Proceeds, condemnation proceeds, Insurance Proceeds or other amounts as may be collected by such Servicer from a related Mortgagor, or otherwise received with respect to such Mortgage Loan or (c) any unreimbursed Servicing Advances made remaining after the final liquidation of a related Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse such Servicer or rental or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the related Collection Account; (v) to pay to itself itself, the related Originator, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the such Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself such Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) withdraw funds deposited in error and to clear and terminate the related Collection Account pursuant to Section 10.019.01. The Each Servicer shall keep and maintain separate accounting, on a related Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (vii), (viii), ) and (ix) and above. Each Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the related Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02[reserved]; (iv) to pay any Net Swap Payment reimburse itself pursuant to Section 7.02(b) or Swap Termination Payment payable pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap Providerrelated Servicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master Servicer; (vii) related Servicer any amount deposited in the Distribution Account by such Servicer but not required to pay the Credit Risk Management Fee to the Credit Risk Managerbe deposited therein in accordance with Section 3.10(d); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Servicers shall, from time to time, make withdrawals from the Collection Account Accounts for any of the following purposes or as described in Section 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the related Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the related Servicer any unpaid Servicing Fees and reimburse itself the related Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the related Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the related Collection Account; (v) to pay to itself the related Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the related Servicer (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the related Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself the related Servicer or the Depositor for expenses incurred by or reimbursable to itself the related Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the related Servicer, the Master Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the related Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself the related Servicer any Prepayment Interest Excess on the related Mortgage Loans serviced by such Servicer (to the extent not retained pursuant to Section 3.08(a)(ii)); and (xi) to clear and terminate the Collection Account pursuant to Section 10.01. The Each 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp Terwin Mort Trust Series TMTS 2003 6he)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itunreimbursed Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, received with respect to such related Mortgage Loan or rental 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, received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor, the Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to withdraw amounts deposited therein in error; (xi) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans (to the extent not retained pursuant otherwise retained); (xii) to Section 3.08(a)(ii)withdraw amounts deposited therein in error; and (xixiii) 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 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), ) and (ix) above. The Servicer shall provide written notification to the 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 (iii)(c) and (xvi) 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 respect of clause (vi) hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement Trustee Fee and any Extraordinary Trust Fund ExpensesExpenses pursuant to Section 8.05; (iii) to reimburse itself or pay the Master Servicer pursuant to Section 8.02Credit Risk Manager the Credit Risk Manager; (iv) to pay to itself on each Distribution Date any Net Swap Payment interest or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined investment income earned on funds deposited in the Swap AgreementDistribution Account pursuant to Section 3.12(b)) owed to the Swap Provider; (v) to reimburse itself pursuant to Section 7.02; (vi) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk Manageran Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.26; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01. The foregoing requirements for withdrawal from the Distribution Account shall be exclusive. In the event the Trustee shall deposit in the Distribution Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Distribution Account, any provision herein to the contrary notwithstanding.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances made by the Seller or the Servicer prior to or following the Cut-off Date with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it which the Seller or the Servicer prior to or following the Cut-off Date which it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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;or (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 3.08(a)(iii3.06(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself it or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to the Swap ProviderSection 3.25; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Sd1)

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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02Reserved; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself and the Trustee pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master Servicer; 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 (vii) to pay the Credit Risk Management Fee to the Credit Risk Managerd); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-WMC-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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub-Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any 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 related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), ) and (ix) and above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself the Custodians and the Master Servicer amounts to which it is entitled Trustee's Fee pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses8.05; (iii) to reimburse pay itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c); (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to the 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 ProviderSection 7.02; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); ; and (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Mortgage Securities LLC)

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 5.034.03: (i) to remit to the Securities Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), (A) to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 or (B) subject to Section 4.03(b), any unreimbursed Advances to the extent of funds held in the Collection Account for future distribution that were not included in the Available Distribution Amount for the preceding Distribution Date; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (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 (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and Trust Administrator or to the Master Servicer Trustee amounts to which it the Trust Administrator or the Trustee, as the case may be, is entitled pursuant to Section 9.05 or any other provision of this Agreement 8.05 and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mort Loan Trust Inc Asset Bk Pas THR Ce Se 03 He2)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer and the Trust Administrator, respectively, shall, from time to time, make withdrawals from the Collection Account or the Distribution Account, as applicable, for any of the following purposes or as described in Section 5.034.01: (i) on or prior to the Remittance Date, to remit to the Securities Trust Administrator for deposit in into the Distribution Account all Available Funds in respect of the related Distribution Date together with all amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to representing Prepayment Premiums from the first sentence of Section 3.08(d)Mortgage Loans received during the related Prepayment Period; (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Scheduled Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.01; (iii) subject to Section 3.13(d), to pay itself the Servicer or any Subservicer (A) any unpaid Servicing Fees and reimburse itself or (B) any unreimbursed Servicing Advances with respect to each related 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 related Mortgage Loan (or rental or other income from the related REO Property); (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the Sponsor, as the case may beOriginator, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.13(c) this Agreement all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (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 5.03; 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; 4.01 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 Loan under Section 3.08(a)(iii3.11(a)(iii); 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 pay, or to reimburse itself the Servicer for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to pay to the Master Servicer the Master Servicing Fee; Fremont 2006-D Pooling & Servicing Agreement (ix) in the event Wxxxx Fargo Bank, N.A. ceases to be Master Servicer and Trust Administrator hereunder but continues to provide services as custodian of the Mortgage Loans, to pay to Wxxxx Fargo Bank, N.A. the Custodial Fee; (x) to reimburse the Servicer, the Depositor, the Master Servicer, the Swap Administrator, the Trust Administrator or the Depositor Trustee for expenses incurred by or reimbursable to itself the Servicer, the Depositor, the Trustee, the Master Servicer or the DepositorTrust Administrator, as the case may be, pursuant to Section 3.01 or Section 7.03this Agreement; (viiixi) to reimburse itself the Servicer, the Master Servicer, the Swap Administrator, the Trust Administrator, the NIM Insurer, if any, or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase repurchase obligation under Section 2.03 of this Agreement that were included in the Purchase Repurchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (xxii) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans Swap Administrator, for payment to the extent not retained pursuant Swap Provider, any Net Swap Payment or Swap Termination Payment (other than Swap Termination Payments resulting from a Swap Provider Trigger Event) owed to Section 3.08(a)(ii)the Swap Provider, as provided in the Swap Administration Agreement; (xiii) to withdraw any amounts deposited in the Collection Account in error; and (xixiv) to clear and terminate the Collection Account pursuant upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to Section 10.01. in clause (i) above, the Servicer shall pay the Trust Administrator for the account of the Trust Administrator interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (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 (iia)(ii), (iii), (iv), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Depositor and the NIM Insurer, if any, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xa)(vi) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-D)

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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Successor 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 5.035.03 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;Advance of this Agreement; or (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 3.08(a)(iii); ) of this Agreement, or (C) to reimburse itself for any P&I Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified by from its own funds from the Servicer Amounts Held for Future Distribution and 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 3.095.03(b); (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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 (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(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 (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Op2)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation 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 or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or rental or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originators, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; 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; 4.03 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02[Reserved]; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2005-He1)

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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicerservicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.035.03 of this Agreement; provided 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;; or (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 3.08(a)(iii); or (C3.06(a)(iii) 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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 (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v)) of this Agreement; (vi) to pay the Master Servicing Fee to the Master ServicerReserved; (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp. Home Equity Loan Trust, Series 2006-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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.035.03 of this Agreement; provided 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; (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 3.08(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, modification or as otherwise provided in this Section 3.09; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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 (xi) 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), (v), (vi), (vii), (viii), (ix), (x) and (xxi) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.01(a) and Section 8.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v)) of this Agreement; (vi) to pay the Master Servicing Fee to the Master Servicer; (viiv) to pay the Credit Risk Management Fee to the Credit Risk Manager; and (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Wxxxx Fargo shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Simple Interest Excess Sub-Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the ServicerWxxxx Fargo) for (A) any P&I Advance or Servicing Advance previously made by it which the Servicer Wxxxx Fargo has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.035.03 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;or (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 3.08(a)(iii); or (C3.06(a)(iii) 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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; (xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited therein pursuant to Section 3.08(b) of this Agreement; and (xixii) to clear and terminate the Collection Account pursuant to Section 10.0110.01 of this Agreement. The Servicer Wxxxx Fargo shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the related Collection Account, to the extent held by or on behalf of it, pursuant to subclauses (ii), (iii), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-He7)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Ocwen shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Ocwen Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself for any unreimbursed Servicing Advances with respect to each related Ocwen Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Ocwen Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the related Collection Account; (v) to pay to itself or the SponsorSeller, as the case may be, with respect to each related Ocwen Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself it or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself itself, the Master Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Ocwen Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any related Ocwen Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself any Prepayment Interest Excess on the related Ocwen Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and (xi) to clear and terminate the Collection Account pursuant to Section 10.01. The Servicer Ocwen 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp Hm Equity Ln Trust Ser 2003-He1)

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 5.034.03: (i) to remit to the Securities Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer (A) any unpaid Servicing Fees and reimburse itself Fees, (B) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation 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 Servicing Advances made with respect to a Mortgage Loan that, following the final liquidation of a Mortgage Loan are Nonrecoverable Advances, 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 the Servicer or rental or other income from the related REO Propertyany Sub-Servicer for such Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Servicer for advances in respect of, of expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (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 subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself any interest income earned on funds deposited in the Custodians and the Master Servicer amounts to which it is entitled Distribution Account pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses3.12(c); (iii) to reimburse itself the Trust Administrator or the Master Servicer Trustee pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(g)(iii); (v) to pay any Extraordinary Trust Fund Expenses; (vi) to pay reimburse the Master Servicing Fee Trust Administrator or the Trustee for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Servicer) to the Master Servicersame extent the Servicer would be entitled to reimbursement under Section 3.11(a); (vii) to pay the Credit Risk Management Fee to Manager the Credit Risk ManagerManager Fee; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-He3)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer, as applicable, (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or 3.02(b) and Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, Trustee for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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)Excess; and (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), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above; provided that an Officers’ Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 8.05 or any other provision of this Agreement and any for Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(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 make any deposits into the Master Servicing Fee to the Master ServicerSwap Account in accordance with Section 4.07; (vii) to pay the Credit Risk Management Fee to the Credit Risk ManagerPool Insurer the Pool Insurer Fee pursuant to Section 3.13; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-B)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor or the SponsorMortgage Loan Originator, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it which the Servicer Servicer, as applicable, has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer, or the Depositor for expenses incurred by or reimbursable to itself the Servicer, or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset 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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 5.03 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;; or (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 3.08(a)(iii3.06(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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 Providerreserved; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Trust 2005-He3)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the 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 X&X Xxxxxxx xx x Xxxxxxxxxxxxxx Xervicing Advance in accordance with the provisions of Section 5.03; 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;or (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 3.08(a)(iii3.06(a)(iii); 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 itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to the Swap ProviderSection 3.25; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp Series 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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer, as applicable, (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor, the Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or 3.02(b) and Section 7.036.03; (viii) to reimburse itself the Servicer, the Guarantor (with respect to the Group I-A Loans) or the Trustee, as the case may be, Trustee for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, the Guarantor 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 (xvii) above; provided that an Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof. (b) The Securities 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 Certificate Insurer and the Guarantor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 8.05 or any other provision of this Agreement and any for Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(g)(iii); (viv) to pay the Master to an Advancing Person reimbursements for P&I Advances and/or Servicing Fee Advances pursuant to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk ManagerSection 3.26; and (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2004-A)

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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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any SubServicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor, or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) to clear and terminate the Collection Account pursuant to Section 10.01. The Trustee 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. In addition, on each Distribution Date, the Trustee shall be entitled to withdraw from the Distribution Account amounts to which it is entitled pursuant to Section 8.05 and the Available Distribution Amount pursuant to Section 4.01. The Trustee shall also withdraw from the Distribution Account and pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account. 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), (vii), (viii), ) and (ix) and (x) above. (b) . The Securities Administrator shallMaster Servicer shall provide written notification to the Trustee, from time on or prior to timethe next succeeding Master Servicer Remittance Date, make upon making any withdrawals from the Distribution Account, for any of the following purposes, without priority: (i) to make distributions to Certificateholders in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled Collection Account pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); subclauses (vi) to pay the Master Servicing Fee to the Master Servicer; and (vii) to pay above; provided that an Officer's Certificate in the Credit Risk Management Fee form described under Section 4.03(d) shall suffice for such written notification to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.01Trustee in respect hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1997-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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itMonthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any SubServicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor or the SponsorMortgage Loan 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Master Servicer for any successor to the Servicer) for (A) any P&I Advance or Servicing Monthly Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Monthly Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) to clear and terminate the Collection Account pursuant to Section 10.01. In addition to the foregoing, the Trustee 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. 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), (v), (vi), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to 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 (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicerservicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the Sponsor, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap2)

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 5.034.03: (i) to remit to the Securities Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itMonthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Distribution Account; (v) to pay to itself the Servicer, the Depositor or the SponsorSeller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 2.04 or Section 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the Servicer) for (A) any P&I Monthly Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Monthly Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the Trustee or the TrusteeTrust Administrator, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 2.04 or Section 2.05 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) to clear and terminate the Collection Account pursuant to Section 10.01. In addition to the foregoing, the Trust Administrator shall be entitled to withdraw amounts from the Distribution Account and 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 as required pursuant to Section 4.01. 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), (v), (vi), (vii), (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 (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing 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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 6.03 or any costs and damages actually incurred and paid by or on behalf of the Trust in connection with any violation by Mortgage Loan of (i) the representations and warranties set forth in Section 7.032.05(b) of this Agreement, (ii) Section 7.01(f) of the Mortgage Loan Purchase Agreement or (iii) the representations and warranties made in connection with “high-cost” home loans or any predatory or abusive lending laws in the Mortgage Loan Purchase Agreement; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or deposit into the Master Servicer pursuant to Section 8.02; (iv) to pay Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the other than any Swap Termination Payment resulting from a Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)Trigger Event) owed to the Swap ProviderProvider from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds; (iv) to reimburse itself and the Trustee 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)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master Servicer; 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 (vii) to pay the Credit Risk Management Fee to the Credit Risk Managerd); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Jpmac 2006-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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the related Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement 8.05 and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed an Advance Financing Person reimbursements for Advances and/or Servicing Advances pursuant to the Swap ProviderSection 3.28; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (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 (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (National City Mortgage Capital LLC)

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 5.034.03: (i) to remit to the Securities Administrator Paying Agent for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub- Servicer (A) any unpaid Servicing Fees and reimburse itself unpaid Administration Fees, (B) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation 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 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 related Mortgage Loan are insufficient to reimburse the Master Servicer or rental or other income from the related REO Propertyany Sub-Servicer for such Servicing Advances; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to and the ServicerAdministration Fee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, of expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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)[reserved]; and (xi) 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), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, the Certificate Insurer, 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 subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself any interest income earned on funds deposited in the Custodians and the Master Servicer amounts to which it is entitled Distribution Account pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses3.12(c); (iii) to reimburse itself the Trust Administrator or the Master Servicer Trustee pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(g)(iii); (v) to pay any Extraordinary Trust Fund Expenses; (vi) to pay reimburse the Master Servicing Fee to Paying Agent or the Trustee for any P&I Advance made by it under Section 7.01 (if not reimbursed by the Master Servicer; (vii) to pay the Credit Risk Management Fee same extent the Master Servicer would be entitled to the Credit Risk Managerreimbursement under Section 3.11(a); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Asset-Backed Pass-Through Certificates, Series 2005-Wf2)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d3.13(c), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d3.13(c), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) 3.27 all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself the Servicer any Prepayment Interest Excess on the related Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to the Swap ProviderSection 3.25; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Sec Corp Hom Eq Ln Tr Ser 2003-Op1)

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 5.034.03: (i) to remit to the Securities Administrator Indenture Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.18(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itMonthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.18(d), to pay itself the Servicer or any Sub-Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Distribution Account; (v) to pay to itself the Servicer, the Depositor or the Sponsor, 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 3.13(c) 2.05 all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the Servicer) for (A) any P&I Monthly Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Monthly Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer or the Indenture Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 2.05 or Section 2.06 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.18(b); and (xix) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution [Collection] Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Prudential Securities Secured Financing 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 5.034.04, without priority: (i) to remit to the Securities Administrator Trust Administrator, as agent for the Trustee, for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.04; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related 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 related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including the Master Servicer for any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.04; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Guarantor (with respect to Group I Mortgage Loans only), the NIMS Insurer, the Certificate Insurer, the Master Servicer, the Trust Administrator or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to the Trustee, the Trust Administrator, 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 subclause (xvii) above. (b) The Securities 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 Certificateholders, the Certificate Insurer and the Guarantor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians itself and the Master Servicer Trustee amounts to which it is entitled pursuant to Section 9.05 8.05 or to pay any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse pay to itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c); (iv) to pay any Net Swap Payment reimburse itself and the Trustee pursuant to Section 7.02 or Swap Termination Payment payable pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderMaster Servicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 the Credit Risk Management Fee to the Credit Risk Manager; andan 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 10.019.01; (ix) to pay the PMI Insurer the PMI Insurer Fee based on information received from the Master Servicer; and (x) to pay itself the Trust Administrator Fee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset Backed Cert Ser 2002 3)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicerservicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 5.03 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;; or (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 3.08(a)(iii3.06(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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 Providerreserved; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v); (vi) to pay the Master Servicing Fee compensation payable to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Loan Trust 2005-He5)

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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 6.03 or to reimburse any costs and damages actually incurred and paid by or on behalf of the Trust by the Trust, the Depositor, the Seller, the Servicer, the Trustee or the Securities Administrator in connection with any violation by Mortgage Loan of (i) the representations and warranties set forth in Section 7.032.06 of this Agreement or (ii) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Sechedule 4 attached hereto to the extent such amount to be reimbursed is included in the Purchase Price; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or deposit into the Master Servicer pursuant to Section 8.02; (iv) to pay Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the other than any Swap Termination Payment resulting from a Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)Trigger Event) owed to the Swap ProviderProvider from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds; (iv) to reimburse itself and the Trustee 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)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee 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 of this Agreement or (y) the representations and warranties made in paragraphs (f), (qq), (xx), (yy), (ggg), (hhh), (nnn) or (qqq) of Sechedule 4 attached hereto to the extent such amount to be reimbursed is included in the Purchase Price.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Jpmac 2006-Wmc3)

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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02Reserved; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself and the Trustee pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master Servicer; 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 (vii) to pay the Credit Risk Management Fee to the Credit Risk Managerd); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Jpmac 2006-Fre1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub- Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor, each Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (vii), (viii), ) and (ix) and above. The Master Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Master Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself the Custodians and the Master Servicer amounts to which it is entitled Trustee's Fee pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses8.05; (iii) to reimburse pay itself or any interest income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(c); (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to the 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 ProviderSection 7.02; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (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 (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset-Backed Certificates Series 1997-Lb6)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer, the Master Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xix) 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), (v), (vi), (vii), (viii), (ix) and (x) above. The Servicer shall provide written notification to the Securities 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. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2003 Hs1)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer and the Trust Administrator, respectively, shall, from time to time, make withdrawals from the Collection Account or the Distribution Account, as applicable, for any of the following purposes or as described in Section 5.034.01: (i) on or prior to the Remittance Date, to remit to the Securities Trust Administrator for deposit in into the Distribution Account all funds in the amounts required Collection Account on such date less reimbursements to be so remitted made to the Servicer pursuant to this Section 3.08(b) or permitted to be so remitted pursuant to 3.11 in respect of the first sentence of Section 3.08(d)related Distribution Date together with all amounts representing Prepayment Premiums from the Mortgage Loans received during the related Prepayment Period; (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Scheduled Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.01; (iii) subject to Section 3.13(d), to pay itself the Servicer or any Subservicer (A) any unpaid Servicing Fees and reimburse itself or (B) any unreimbursed Servicing Advances with respect to each related 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 related Mortgage Loan (or rental or other income from the related REO Property); (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the Sponsor, as the case may beOriginator, with respect to each Mortgage Loan that has previously been purchased repurchased or replaced pursuant to Section 2.03 or Section 3.13(c) this Agreement all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (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 Fremont 2006-B Pooling & Servicing Agreement or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; 4.01 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 Loan under Section 3.08(a)(iii3.11(a)(iii); 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 pay, or to reimburse itself the Servicer for advances in respect of, expenses incurred in connection with any Mortgage Loan pursuant to Section 3.15; (viii) to pay to the Master Servicer the Master Servicing Fee; (ix) in the event Wxxxx Fargo Bank, N.A. ceases to be Master Servicer and Trust Administrator hereunder but continues to provide services as custodian of the Mortgage Loans, to pay to Wxxxx Fargo Bank, N.A. the Custodial Fee; (x) to reimburse the Servicer, the Depositor, the Master Servicer, the Trust Administrator (including in its role as Swap Administrator) or the Depositor Trustee for expenses incurred by or reimbursable to itself the Servicer, the Depositor, the Trustee, the Master Servicer or the DepositorTrust Administrator, as the case may be, pursuant to Section 3.01 or Section 7.03this Agreement; (viiixi) to reimburse itself the Servicer, the Master Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase repurchase obligation under Section 2.03 of this Agreement that were included in the Purchase Repurchase Price of the related Mortgage Loan, including any expenses arising out of the enforcement of the purchase repurchase obligation, to the extent not otherwise paid pursuant to the terms hereof; (ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (xxii) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans Trust Administrator, in its role as Swap Administrator, for payment to the extent not retained pursuant Pool I Swap Provider or Pool II Swap Provider, as applicable, any Net Swap Payment or Swap Termination Payment (other than Pool I Swap Termination Payments or Pool II Swap Termination Payments resulting from a Pool I Swap Provider Trigger Event or Pool II Swap Provider Trigger Event, as applicable) owed to Section 3.08(a)(ii)the Pool I Swap Provider or Pool II Swap Provider, as applicable, as provided in the Swap Administration Agreement; (xiii) to withdraw any amounts deposited in the Collection Account in error; and (xixiv) to clear and terminate the Collection Account pursuant upon termination of this Agreement. To the extent that the Servicer does not timely make the remittance referred to Section 10.01. in clause (i) above, the Servicer shall pay the Trust Administrator for the account of the Trust Administrator interest on any amount not timely remitted at the prime rate, from and including the applicable Remittance Date to but excluding the date such remittance is actually made. (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 (iia)(ii), (iii), (iv), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Depositor, on or prior Fremont 2006-B Pooling & Servicing Agreement to the next succeeding Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xa)(vi) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-B)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer GMACM shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 5.034.04: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for (including a) any successor Servicer) for P&I unreimbursed Advances 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 on related Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.04; or (b) without limiting any right of withdrawal set forth in clause (vi) below, any unreimbursed Advances that, upon a Final Recovery Determination with respect to such Mortgage Loan, are Nonrecoverable Advances, but only to the extent that Late Collections (net of the related Servicing Fees), Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse itself for such unreimbursed Advances; (iii) subject to Section 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related Mortgage Loan or rental or other income from the related REO Property, and (c) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, upon a Final Recovery Determination with respect to such Mortgage 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 itself or any Sub-Servicer for Servicing Advances; (iv) to pay to itself as additional servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself itself, the related Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including for any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it which the Servicer GMACM has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.04; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (viii) to reimburse itself for expenses incurred by or reimbursable to it pursuant to Section 6.03; (ix) to pay itself any Prepayment Interest Excess (to the extent not otherwise retained); (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); and (xi) to clear and terminate the Collection Account pursuant to Section 10.01; and (xi) to withdraw any amount deposited in the Collection Account and not required to be deposited therein. The Servicer foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event GMACM 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. GMACM 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 (xvii) above. GMACM shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vi) above; provided that an Officers’ Certificate in the form described under Section 4.04(d) shall suffice for such written notification to the Trustee in respect hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself the Custodians and the Master Servicer amounts to which it is entitled Trustee Compensation pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses8.05; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v9.01(g); (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 (viiiiv) to clear and terminate the Distribution Account pursuant to Section 10.01; (v) to pay any amounts required to be paid to the Trustee pursuant to this Agreement, including but not limited to funds required to be paid pursuant to Section 3.06, Section 4.01, Section 7.02 and Section 8.05; (vi) to pay to the Trustee, any interest or investment income earned on funds deposited in the Distribution Account; and (vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.29.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-B)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself it or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)); (xi) to pay the PMI Insurer the PMI Insurer Fee; and (xixii) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed an Advance Financing Person reimbursements for P&I Advances and/or Servicing Advances pursuant to the Swap ProviderSection 3.25; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Rm1)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicerservicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 5.03 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; (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 3.08(a)(iii3.06(a)(iii); 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 Servicier 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 itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-Asap1)

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 5.034.03: (i) to remit to the Securities Trust Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but with respect to unreimbursed Servicing Advances only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer, the Depositor or the SponsorAmeriquest, 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 3.13(c3.16(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall AmountPrice; (vi) to reimburse itself (including any successor to the Servicer) for (A) Servicer for 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer, the Trust Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans to PMI Insurer the extent not retained pursuant to Section 3.08(a)(ii)PMI Policy Premium under the PMI Policy; and (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), (v), (vi), (vii), (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 (xvii) above. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians itself and the Master Servicer Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses8.05; (iii) to reimburse pay to itself any interest or investment income earned on funds deposited in the Master Servicer Distribution Account pursuant to Section 8.023.12(b); (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to the 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 ProviderSection 7.02; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (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 (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer GMACM shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 5.034.04: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for (including a) any successor Servicer) for P&I unreimbursed Advances 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 on related Mortgage Loans or REO Properties with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.04; or (b) without limiting any right of withdrawal set forth in clause (vi) below, any unreimbursed Advances that, upon a Final Recovery Determination with respect to such Mortgage Loan, are Nonrecoverable Advances, but only to the extent that Late Collections (net of the related Servicing Fees), Liquidation Proceeds and Insurance Proceeds received with respect to such Mortgage Loan are insufficient to reimburse itself for such unreimbursed Advances; (iii) subject to Section 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related Mortgage Loan or rental or other income from the related REO Property, and (c) without limiting any right of withdrawal set forth in clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan that, upon a Final Recovery Determination with respect to such Mortgage 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 itself or any Sub-Servicer for Servicing Advances; (iv) to pay to itself as additional servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself itself, the related Originator or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including for any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it which the Servicer GMACM has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.04; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (viii) to reimburse itself for expenses incurred by or reimbursable to it pursuant to Section 6.03; (ix) to pay itself any Prepayment Interest Excess (to the extent not otherwise retained); (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); and (xi) to clear and terminate the Collection Account pursuant to Section 10.01; and (xi) to withdraw any amount deposited in the Collection Account and not required to be deposited therein. The Servicer foregoing requirements for withdrawal from the Collection Account shall be exclusive. In the event GMACM 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. GMACM 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 (xvii) above. GMACM shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vi) above; provided that an Officers' Certificate in the form described under Section 4.04(d) shall suffice for such written notification to the Trustee in respect hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, itself the Custodians and the Master Servicer amounts to which it is entitled Trustee Compensation pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses8.05; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v9.01(g); (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 (viiiiv) to clear and terminate the Distribution Account pursuant to Section 10.01; (v) to pay any amounts required to be paid to the Trustee pursuant to this Agreement, including but not limited to funds required to be paid pursuant to Section 3.06, Section 4.01, Section 7.02 and Section 8.05; (vi) to pay to the Trustee, any interest or investment income earned on funds deposited in the Distribution Account; and (vii) to pay to an Advancing Person reimbursements for Advances and/or Servicing Advances pursuant to Section 3.29.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2005-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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing FeesFees payable to the Servicer) of Monthly Payments or rental and other income from the related REO Property on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees payable to the Servicer and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or and other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; provided however, that the no 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 AdvanceAdvance of this Agreement; (B) any unpaid Servicing Fees payable to the Servicer to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.08(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, modification or as otherwise provided in this Section 3.09; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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 (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(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; (viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(b); and (viiiix) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sl2 Asset Backed Pass-Through Certificates)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Servicers shall, from time to time, make withdrawals from the Collection Account Accounts for any of the following purposes or as described in Section 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the related Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the related Servicer any unpaid Servicing Fees and reimburse itself the related Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the related Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the related Collection Account; (v) to pay to itself the related Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the related Servicer (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the related Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself the related Servicer or the Depositor for expenses incurred by or reimbursable to itself the related Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the related Servicer, the Master Servicer, the Securities Administrator or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the related Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) with respect to Ocwen to pay to itself Ocwen any Prepayment Interest Excess on the related Ocwen Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and (xi) to clear and terminate the Collection Account pursuant to Section 10.01. The Each 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2003-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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub- Servicer for Servicing Advances; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer or the SponsorResponsible Parties, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (B3.02(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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Master Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on the related Mortgage Loans to the extent not retained pursuant permitted under Section 3.06; (xi) to Section 3.08(a)(ii)withdraw any funds deposited in the Collection Account in error; and (xixii) 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), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to 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 (xvii) above; provided that an Officers' Certificate in the form described under Section 4.03(d) shall suffice for such written notification to the Trustee in respect of clause (vi) hereof. (b) The Securities 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 in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer itself amounts to which it is entitled pursuant to Section 9.05 8.05 or any other provision of this Agreement and any for Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.027.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v10.01(g)(iii); (v) to pay to an Advancing Servicer reimbursements for P&I Advances and/or Servicing Advances pursuant to Section 3.26; (vi) to pay withdraw any funds deposited in the Master Servicing Fee to the Master ServicerDistribution Account in error; (vii) to pay itself the Credit Risk Management Trustee Fee pursuant to the Credit Risk ManagerSection 8.05; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc Home Equity Ln Tr Se 2003 B)

Withdrawals from the Collection Account and Distribution Account. (a) The Servicer Ocwen shall, from time to time, make withdrawals from the related Collection Account for any of the following purposes or as described in Section 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Ocwen Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Ocwen Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the related Collection Account; (v) to pay to itself or the SponsorSeller, as the case may be, with respect to each related Ocwen Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself it or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement that were included in the Purchase Price of the related Ocwen Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself any Prepayment Interest Excess on the related Ocwen Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii)); and (xi) to clear and terminate the related Collection Account pursuant to Section 10.01. The Servicer Ocwen 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2004 He1)

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 5.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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); and (xix) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above. (b) The Securities 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Securities Administrator amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace 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 5.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the Servicer any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself the Servicer any Prepayment Interest Excess on the related Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. The Servicer shall provide written notification to the Trustee 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. (b) The Securities 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Securities Administrator amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace 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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any SubServicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii4.03(d); 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 itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself the Master Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) to clear and terminate the Collection Account pursuant to Section 10.01. In addition to the foregoing, the Trustee 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. 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), (vii), (viii), ) and (ix) above. The Master Servicer shall provide written notification to 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 (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Bro Mort Sec Vii Inc as Bk Fix & Fl Rte Ce Se 1996-8)

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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any 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 itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the 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 5.03; 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 Advance5.03 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 3.08(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, modification or as otherwise provided in this Section 3.09; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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; (xi) to reimburse itself pursuant to Section 5.03(b) for any xxxxxxxxxxxx X&X Advances (made from its own funds) from Amounts Held for Future Distribution for such Distribution Date (provided that such amounts must be replaced by the Servicer by deposit in the Collection Account no later than the close of business on the Servicer Remittance Date immediately following the Due Period or Prepayment Period for which such amounts relate); and (xixii) 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), (v), (vi), (vii), (viii), (ix) , (x) and (xxi) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians Custodian and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 of this Agreement or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.01(a) and Section 8.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(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; (vii) to pay the Master Servicing Fee to the Master Servicer; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2007-Asap1)

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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself itself, the NIMS Insurer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the 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 subclause (xvii) above. (b) The 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or deposit into the Master Servicer pursuant to Section 8.02; (iv) to pay Supplemental Interest Account the amount of any Net Swap Payment or Swap Termination Payment payable to the Supplemental Interest Trust (unless the other than any Swap Termination Payment resulting from a Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)Trigger Event) owed to the Swap ProviderProvider from funds collected and received with respect to the Mortgage Loans prior to the determination of Available Funds; (iv) to reimburse itself and the Trustee 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)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to reimburse itself, the Trust, the Depositor, the Seller, the Servicer or the Trustee 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), (yy), (ggg), (hhh), (nnn) or (qqq) of Schedule 4 attached hereto to the extent that such amount to be reimbursed is included in the Purchase Price.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Jpmac 2006-Wmc4)

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 5.034.05 hereof: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) hereof or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)3.10(d) hereof; (ii) subject to Section 3.13(d)3.16(d) hereof, to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds and Insurance Proceeds on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.05; (iii) subject to Section 3.13(d3.16(d), to pay itself the Servicer or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related Mortgage Loan, and (c) any Servicing Advances with respect to the final liquidation of a Mortgage Loan 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, as the case may beapplicable, with respect to each related Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 or Section 3.13(c) hereof all amounts received thereon not included in subsequent to the Purchase Price or the Substitution Shortfall Amountdate of substitution; (vi) to reimburse itself (including the Servicer for any successor to the 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 5.03; 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; (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 3.08(a)(iii); 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 3.094.05; (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances Servicing Advances in respect of, of expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b)3.16(b) hereof; (xviii) to pay to itself any Prepayment Interest Excess on or reimburse the related Mortgage Loans to Servicer and the extent not retained Trustee pursuant to Section 3.08(a)(ii9.01(c) and 9.01(f), respectively; and (xiix) 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), (vii), (viii), (ix) and (xvii) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (vi) above; provided, however, that an Officers' Certificate in the form described under Section 4.05(d) shall suffice for such written notification to the Trustee in respect hereof. (b) The Securities 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 in accordance with Section 5.01Sections 4.01 and 8.05 hereof; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (vi9.01(g) to pay the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk Managerhereof; and (viiiiii) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc MRT Ln Ps Th CRT Sr 01 Frb1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.18(d), to reimburse itself (including any successor Servicer) the Servicer for P&I Advances made by itMonthly Advances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Monthly Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.18(d), to pay itself the Servicer or any Sub-Servicer any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO PropertyLoan; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Distribution Account; (v) to pay to itself the Servicer, the Depositor or the SponsorSeller, as the case may be, with respect to each Mortgage Loan that has previously been purchased or replaced pursuant to Section 2.03 2.05 or Section 3.13(c3.18(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including the Servicer for any successor to the Servicer) for (A) any P&I Monthly Advance or Servicing Advance previously made by it which the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Monthly Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Servicer or the Depositor for expenses incurred by or reimbursable to itself the Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 2.05 or Section 2.06 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.18(b); and (xix) to clear and terminate the Collection Account pursuant to Section 10.01. In addition to the foregoing, the Trustee shall be entitled to withdraw amounts from the Distribution Account and to transfer funds to the Expense Account on the Business Day immediately preceding each Distribution Date pursuant to Section 3.27(b) prior to any payments as required pursuant to Section 4.01. 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), (v), (vi), (vii), (viii), ) and (ix) above. The Servicer shall provide written notification to the Trustee, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclauses (vi) and (xvii) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing 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 5.035.03 of this Agreement: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.08(c) of this Agreement or permitted to be so remitted pursuant to the first sentence of Section 3.08(d)3.08(e) of this Agreement; (ii) subject to Section 3.13(d)) of this Agreement, to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing FeesFees payable to the Servicer) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.035.03 of this Agreement; (iii) subject to Section 3.13(d)) of this Agreement, to pay itself any unpaid Servicing Fees payable to the Servicer and reimburse itself any unreimbursed Servicing Advances made by the Sponsor or the Servicer prior to or following the Cut-off Date with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from the related REO Property; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the Servicer) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account and the Simple Interest Excess Sub-Account; (v) to pay to itself or the Sponsor, 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 3.13(c) of this Agreement all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) any P&I Advance or Servicing Advance previously made by it 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 5.035.03 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; (B) any unpaid Servicing Fees payable to the Servicer to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.08(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, modification or as otherwise provided in this Section 3.09;. (vii) to reimburse itself or the Depositor for expenses incurred by or reimbursable to itself or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.037.03 of this Agreement; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(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; (xi) to deposit in the Simple Interest Excess Sub-Account any amount required to be deposited therein pursuant to Section 3.08(b) of this Agreement; and (xixii) 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), (v), (vi), (vii), (viii), (ix), (x) and (xxi) above. (b) The 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 in accordance with Section 5.015.01 of this Agreement; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.028.02 of this Agreement; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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[reserved]; (v) to pay any amounts in respect of taxes pursuant to Section 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; (viii) to pay the Excess Servicing Fee, if any, to the Class CE-2 Certificateholder pursuant to Section 5.01(b) of this Agreement; and (viiiix) to clear and terminate the Distribution Account pursuant to Section 10.0110.01 of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sd3)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself any unpaid Servicing Fees and reimburse itself any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan or rental or other income from to the related REO Propertyextent of funds held in the Collection Account for future distribution that were not included in the Available Distribution Amount for the preceding Distribution Date; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which the Servicer it has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 itself or the Depositor for expenses incurred by or reimbursable to itself it or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)); and (xi) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (viv) to pay the Master Servicing Fee to the Master Servicer[Reserved]; (viivi) to pay the Credit Risk Management Fee to the Credit Risk Manager; and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Opt2)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments Payments, Liquidation Proceeds, condemnation proceeds or Insurance Proceeds on related the Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Late Collections, Liquidation 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 or (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections, Liquidation Proceeds, condemnation proceeds and Insurance Proceeds received with respect to such related Mortgage Loan are insufficient to reimburse the Servicer or rental or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, Ameriquest, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for 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 5.03; provided however4.03, 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; (B) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds Proceeds, condemnation proceeds or other amounts received with respect to the related Mortgage Loan Loans under Section 3.08(a)(iii); or 3.11(a)(iii) and (C) any P&I xxxxxxxxxxxx X&X Advance or Servicing Advance made with respect to a delinquent Mortgage Loan which Mortgage Loan has been modified 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 accordance with the terms of this Agreement; provided that Collection Account on or before the next succeeding Servicer shall only reimburse itself for Remittance Date on which such P&I Advances and Servicing Advances at the time of such modification, or as otherwise provided in this Section 3.09funds would be due; (vii) to reimburse itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (x) to pay to itself any Prepayment Interest Excess on withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgage Loans to the extent not retained pursuant to Section 3.08(a)(ii); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Trustee on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The Securities 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 Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02[reserved]; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master ServicerServicer 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 pay the Credit Risk Management Fee to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (viii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2004-He10)

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 5.034.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself for, without duplication, (including any successor Servicera) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03 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 3.13(d3.16(d), to pay itself or any Sub-Servicer (a) any unpaid Servicing Fees and reimburse itself or (b) any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds Late Collections, or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such related Mortgage Loan or rental (c) any unreimbursed Servicing Advances made remaining after the Final Recovery Determination of a Mortgage Loan that are Nonrecoverable Servicing Advances, but only to the extent that Late Collections received with respect to such Mortgage Loan are insufficient to reimburse the Servicer or other income from the any related REO PropertySub-Servicer for Servicing Advances; (iv) to pay to itself as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) 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 itself itself, the Originator, the Seller or the SponsorDepositor, 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 3.13(c) 3.16(c), as applicable, all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) for any P&I Advance or Servicing Advance previously made by it which (I) the Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; provided however4.03 or (II) are outstanding at the time a successor Servicer assumes the responsibilities, that duties and liabilities of 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; 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 Loan Loans under Section 3.08(a)(iii3.11(a)(iii); 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 itself itself, the Depositor or the Depositor Seller for expenses incurred by or reimbursable to itself the Servicer, the Seller or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement 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 itself for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b3.16(b); (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); and (xi) 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), (v), (vi), (vii), (viii), ) and (ix) and above. The Servicer shall provide written notification to the Securities Administrator on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawals from the Collection Account pursuant to subclause (xvii) above. (b) The 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 Certificateholders, the Securities Administrator and the Depositor in accordance with Section 5.014.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02Reserved; (iv) to pay any Net Swap Payment or Swap Termination Payment payable reimburse itself and the Trustee pursuant to Section 7.01 to the Supplemental Interest Trust (unless extent such amounts in Section 7.01 were not reimbursed by the Swap Provider is the sole Defaulting Party or the sole Affected Party (as defined in the Swap Agreement)) owed to the Swap ProviderServicer; (v) to pay any amounts in respect of taxes pursuant to Section 11.01(g)(v10.01(g)(iii); (vi) to pay the Master Servicing Fee remit to the Master Servicer; 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 (vii) to pay the Credit Risk Management Fee to the Credit Risk Managerd); and (viiivii) to clear and terminate the Distribution Account pursuant to Section 10.019.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Acquisition Corp. 2005-Fld1)

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 5.03: (i) to remit to the Securities Administrator for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d); (ii) subject to Section 3.13(d), to reimburse itself the Servicer (including any successor Servicer) for P&I Advances made by it, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.03; (iii) subject to Section 3.13(d), to pay itself the Servicer (A) any unpaid Servicing Fees and reimburse itself the Servicer any unreimbursed Servicing Advances with respect to each related Mortgage Loan, but only to the extent of any Liquidation Proceeds and Insurance Proceeds received with respect to such related Mortgage Loan and (B) any unpaid Servicing Fees with respect to second lien Mortgage Loans to the extent the Liquidation Proceeds or rental or other income from the related REO PropertyInsurance Proceeds are insufficient to pay such Servicing Fees; (iv) to pay to itself the Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Servicer or the SponsorSeller, 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 3.13(c) all amounts received thereon not included in the Purchase Price or the Substitution Shortfall Amount; (vi) to reimburse itself the Servicer (including any successor to the Servicer) for (A) for 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 5.03; 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; (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 3.08(a)(iii); 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 itself the Servicer or the Depositor Company for expenses incurred by or reimbursable to itself the Servicer or the DepositorCompany, as the case may be, pursuant to Section 3.01 or Section 7.03; (viii) to reimburse itself the Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.03 of this Agreement 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 itself the Servicer for advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (x) to pay to itself the Servicer any Prepayment Interest Excess on the related Mortgage Loans (to the extent not retained pursuant to Section 3.08(a)(ii)); (xi) to withdraw funds deposited in error or for which amounts previously deposited are returned due to a "not sufficient funds" or other denial from the related Mortgagor's banking institution; and (xixii) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and Custodian, the Master Servicer and the Trustee amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; provided however, that the maximum amount that the Trustee can be paid pursuant to this clause shall not exceed $200,000 in any calendar year; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (viv) to pay the Master Servicing Fee to the Master Servicer; (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; and (viiivi) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2004-1)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any SubServicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor, or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Master Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) 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), (v), (vi), (vii), (viii), (ix) and (x) above. (b) The 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 in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); (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 (viii) to clear and terminate the Distribution Account pursuant to Section 10.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asst Back Cert Se 1997-Nc3)

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 5.034.03: (i) to remit to the Securities Administrator Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.08(b3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.08(d3.10(d); (ii) subject to Section 3.13(d3.16(d), to reimburse itself (including any successor Servicer) the Master Servicer for P&I Advances made by itAdvances, but only to the extent of amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on related Mortgage Loans with respect to which such P&I Advances were made in accordance with the provisions of Section 5.034.03; (iii) subject to Section 3.13(d3.16(d), to pay itself the Master Servicer or any SubServicer (a) any unpaid Servicing Fees and reimburse itself Fees, (b) 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 related 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 rental or other income from the related REO Propertyany Sub-Servicer for Servicing Advances; (iv) to pay to itself the Master Servicer as servicing compensation (in addition to the Servicing Fee or any portion thereof payable to the ServicerFee) on the Master Servicer Remittance Date any interest or investment income earned on funds deposited in the Collection Account; (v) to pay to itself the Master Servicer, the Depositor, or the SponsorSeller, 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 3.13(c3.16(c) all amounts received thereon not included in subsequent to the Purchase Price date of purchase or substitution, as the Substitution Shortfall Amountcase may be; (vi) to reimburse itself (including any successor to the Servicer) for (A) Master Servicer for any P&I Advance or Servicing Advance previously made by it which the Master Servicer has determined to be a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance in accordance with the provisions of Section 5.03; 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; (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 3.08(a)(iii); 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 3.094.03; (vii) to reimburse itself the Master Servicer or the Depositor for expenses incurred by or reimbursable to itself the Master Servicer or the Depositor, as the case may be, pursuant to Section 3.01 or Section 7.036.03; (viii) to reimburse itself the Master Servicer or the Trustee, as the case may be, for expenses reasonably incurred in respect of the connection with any breach or defect giving rise to the purchase obligation under Section 2.03 or Section 2.04 of this Agreement that were included in the Purchase Price of the related Mortgage LoanAgreement, including any expenses arising out of the enforcement of the purchase obligation; (ix) to pay, or to reimburse itself the Master Servicer for advances Servicing Advances in respect of, expenses incurred in connection with any related Mortgage Loan pursuant to Section 3.13(b); (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)(ii3.16(b); and (xix) to clear and terminate the Collection Account pursuant to Section 10.01. The Trustee 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. In addition, on each Distribution Date, the Trustee shall be entitled to withdraw from the Distribution Account amounts to which it is entitled pursuant to Section 8.05 and the Available Distribution Amount pursuant to Section 4.01. The Trustee shall also withdraw from the Distribution Account and pay to the Master Servicer on each Distribution Date as servicing compensation any interest or investment income earned on funds deposited in the Distribution Account. 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), (vii), (viii), ) and (ix) and (x) above. (b) . The Securities Administrator shallMaster Servicer shall provide written notification to the Trustee, from time on or prior to timethe next succeeding Master Servicer Remittance Date, make upon making any withdrawals from the Distribution Account, for any of the following purposes, without priority: (i) to make distributions to Certificateholders in accordance with Section 5.01; (ii) to pay to itself, the Custodians and the Master Servicer amounts to which it is entitled Collection Account pursuant to Section 9.05 or any other provision of this Agreement and any Extraordinary Trust Fund Expenses; (iii) to reimburse itself or the Master Servicer pursuant to Section 8.02; (iv) to pay any Net Swap Payment or Swap Termination Payment payable to the 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)(v); subclauses (vi) to pay the Master Servicing Fee to the Master Servicer; and (vii) to pay above; provided that an Officer's Certificate in the Credit Risk Management Fee form described under Section 4.03(d) shall suffice for such written notification to the Credit Risk Manager; and (viii) to clear and terminate the Distribution Account pursuant to Section 10.01Trustee in respect hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Br Mor Sec Vii Inc New Cen Ast BCK Fl Rt Ce 1997 Nc2)

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