Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes: (a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15; (b) [reserved]; (c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan; (d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03; (e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01; (f) [reserved]; (g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments; (h) to withdraw any amounts inadvertently deposited in the Custodial Account; and (i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 38 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, in accordance with Subsection 11.16, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 12 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved];
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 11 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-4), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent that in accordance with Subsection 11.16, tx xxx xxxxxx xxxt such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 8 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-12xs), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-13arx), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved];
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 6 contracts
Samples: Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2012-6)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Loans for the following purposes:
(ai) to make payments deposit in the Payment Account, seven days prior to each Payment Date (or if such day is not a Business Day, the immediately preceding Business Day), an amount equal to the Purchaser in Interest Remittance Amount (excluding any payments under the amounts Yield Maintenance Agreement that were received by the Indenture Trustee) and in the manner provided for in Subsection 11.15Principal Remittance Amount required to be distributed on such Payment Date;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Loan as contemplated by Section 3.09, an amount equal to the related Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to pay to itself or the Seller, with respect to any Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined; and
(vi) to withdraw any amounts inadvertently other amount deposited in the Custodial Account; and
Account that was not required to be deposited therein pursuant to Section 3.02. Since, in connection with withdrawals pursuant to clauses (iii), (iii), (iv) and (v), the Servicer's entitlement thereto is limited to clear collections or other recoveries on the related Loan, the Servicer shall keep and terminate maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Servicing Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 6 contracts
Samples: Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp), Servicing Agreement (Cendant Mortgage Capital LLC), Servicing Agreement (Deutsche Alt-a Securities Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved];
(c) to reimburse itself for any unpaid portion of its Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser Owner unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller Servicer is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loanshortfall;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser Owner in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser Owner with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 6 contracts
Samples: Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-7), Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-3), Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-1)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved];
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 6 contracts
Samples: Purchase and Sale Agreement, Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-8), Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Loans for the following purposes:
(ai) to make payments remit to the Purchaser Paying Agent for deposit in the amounts Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Interest Collections and in Principal Collections required to be distributed on such Payment Date and any payments or collections constituting prepayment charges received during the manner provided for in Subsection 11.15related Prepayment Period;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Home Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Home Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Home Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to withdraw any amounts inadvertently the extent deposited in the Custodial Account; and, to pay to itself as additional servicing compensation any Foreclosure Profits;
(ivi) to pay to itself or the Seller, with respect to any Home Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer, the Limited Repurchase Right Holder or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(vii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(viii) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02. Upon requestSince, in connection with withdrawals pursuant to clauses (ii), (iii), (v) and (vi), the Seller will provide the Purchaser with copies of reasonably acceptable invoices Master Servicer's entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related Home Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Loan by Home Loan basis, for the purpose of justifying any withdrawal from the Custodial AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 5 contracts
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Rfmsii 2005-Hi1), Servicing Agreement (Rfmsii 2004-Hi3)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller Servicer is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for P&I Advances and Servicing Advances that were added to the outstanding principal balance of a Mortgage Loan in connection with a modification of such Mortgage Loan to capitalize arrearages; provided, that the Servicer shall be entitled to be reimbursed for these amounts only from the principal collections on the Mortgage Loans;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(fg) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(gh) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(hi) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(ij) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 5 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-3), Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2013-1), Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2012-4)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s 's Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 5 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2002-1a), Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Loans for the following purposes:
(ai) to make payments remit to the Purchaser Paying Agent for deposit in the amounts Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Interest Collections and in the manner provided for in Subsection 11.15Principal Collections required to be distributed on such Payment Date;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advancesexpenses, the Seller’s right to reimburse itself made pursuant to Section 3.01, incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Home Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Net Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Home Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Home Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to withdraw any amounts inadvertently the extent deposited in the Custodial Account; and, to pay to itself as additional servicing compensation any Foreclosure Profits;
(ivi) to pay to itself or the Seller, with respect to any Home Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer, the Limited Repurchase Right Holder or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(vii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(viii) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02. Upon requestSince, in connection with withdrawals pursuant to clauses (ii), (iii), (v) and (vi), the Seller will provide the Purchaser with copies of reasonably acceptable invoices Master Servicer's entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related Home Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Loan by Home Loan basis, for the purpose of justifying any withdrawal from the Custodial AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 4 contracts
Samples: Servicing Agreement (Home Loan Trust 2006-Hi5), Servicing Agreement (Home Loan Trust 2006-Hi4), Servicing Agreement (Home Loan Trust 2006-Hi3)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 6.03 or 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 6.03 or 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 6.03 or 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 6.03 or 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s 's Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 4 contracts
Samples: Flow Mortgage Loan Sale and Servicing Agreement (Lehman XS Trust Series 2006-10n), Flow Mortgage Loan Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-18), Flow Mortgage Loan Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-21)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Loans for the following purposes:
(ai) to make payments deposit in the Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser in the amounts Interest Collections and in the manner provided for in Subsection 11.15Principal Collections required to be distributed on such Payment Date;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Home Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Home Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Home Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to withdraw any amounts inadvertently the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits;
(vi) to pay to itself or the Seller, with respect to any Home Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined; and
(ivii) to clear and terminate withdraw any other amount deposited in the Custodial Account upon the termination of this Agreementthat was not required to be deposited therein pursuant to Section 3.02. Upon requestSince, in connection with withdrawals pursuant to clauses (ii), (iii), (v) and (vi), the Seller will provide the Purchaser with copies of reasonably acceptable invoices Master Servicer's entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related Home Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Loan by Home Loan basis, for the purpose of justifying any withdrawal from the Custodial AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 4 contracts
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for xxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Company's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s Company's right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price) and, in the event a Buydown Mortgage Loan is repurchased, to withdraw any Buydown Funds remaining in the Custodial Account with respect to the repurchased Buydown Mortgage Loan;
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any amounts inadvertently deposited in the Custodial AccountNonrecoverable Advance or Advances; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 4 contracts
Samples: Sale and Servicing Agreement (Structured Asset Securities Corp), Sale and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a), Flow Sale and Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Loans for the following purposes:
(ai) to make payments remit to the Purchaser Paying Agent for deposit in the amounts Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Interest Collections and in Principal Collections required to be distributed on such Payment Date and any payments or collections constituting prepayment charges received during the manner provided for in Subsection 11.15related Prepayment Period;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advancesexpenses, the Seller’s right to reimburse itself made pursuant to Section 3.01, incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Home Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Net Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Home Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Home Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to withdraw any amounts inadvertently the extent deposited in the Custodial Account; and, to pay to itself as additional servicing compensation any Foreclosure Profits;
(ivi) to pay to itself or the Seller, with respect to any Home Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer, the Limited Repurchase Right Holder or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(vii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(viii) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02. Upon requestSince, in connection with withdrawals pursuant to clauses (ii), (iii), (v) and (vi), the Seller will provide the Purchaser with copies of reasonably acceptable invoices Master Servicer's entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related Home Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Loan by Home Loan basis, for the purpose of justifying any withdrawal from the Custodial AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 4 contracts
Samples: Servicing Agreement (Home Loan Trust 2006-Hi2), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Home Loan Trust 2006-Hi1)
Withdrawals From the Custodial Account. The Seller Purchaser shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser Seller in the amounts and in the manner provided for in Subsection 11.15this Exhibit;
(b) [reserved]to temporarily reimburse itself for advances of Purchaser funds made pursuant to Section O of this Exhibit, Purchaser's right to permanently reimburse itself pursuant to this subclause (b) being limited to amounts received on the related Mortgage Loan which represent payments of principal and/or interest respecting which any such advance was made;
(c) to reimburse itself first for all unreimbursed Servicing Advances, second for unreimbursed advances of Purchaser funds made pursuant to this Exhibit, and third for any unpaid Servicing Fees and for unreimbursed Servicing AdvancesFees, the Seller’s Purchaser's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceedscondemnation proceeds, Insurance Proceeds amounts representing proceeds of insurance policies covering the related Mortgaged Property and such other amounts as may be collected by the Seller Purchaser from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Purchaser's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for all unreimbursed Servicing Advances, advances of Purchaser funds made pursuant to this Exhibit and unpaid Servicing Fees to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided and to reimburse itself for such amounts to the extent that such amounts are not recovered from the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03disposition of REO Property this Exhibit;
(e) to reimburse itself for subsequent trailing bills related to a previously disposed of REO Property in which distribution of the net cash proceeds has occurred;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]this Exhibit;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentswithdrawal to be made monthly not later than the Remittance Date;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and;
(i) to clear and terminate the Custodial Account upon the termination of this Agreement;
(j) to withdraw Service Fees to the extent deposited therein; and
(k) to reimburse itself for payments remitted or advances made for which there has been a reduction in the amount of interest collectible for such related Prepayment Period as a result of the Servicemembers' Civil Relief Act or any similar state law. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed shall withdraw all funds from the Custodial AccountAccount except for those amounts which Purchaser is not obligated to remit on such Remittance Date. Purchaser may use such withdrawn funds only for the purposes described in this Exhibit.
Appears in 4 contracts
Samples: Mortgage Servicing Purchase and Sale Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Af2), Mortgage Servicing Purchase and Sale Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1), Mortgage Servicing Purchase and Sale Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, in accordance with Subsection 11.16, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 4 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12), Mortgage Loan Sale and Servicing Agreement (GSR Mortgage Loan Trust 2006-Oa1), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Loans for the following purposes:
(ai) to make payments deposit in the Grantor Trust Certificate Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser in Interest Collections and Principal Collections required to be distributed on such Payment Date and any payments or collections constituting prepayment charges received during the amounts and in the manner provided for in Subsection 11.15related Prepayment Period;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Home Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Home Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Home Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and the Grantor Trust Certificate Account that it is entitled to withdraw pursuant to Sections 3.02(b);
(hv) to withdraw any amounts inadvertently the extent deposited in the Custodial Account; and, to pay to itself as additional servicing compensation any Foreclosure Profits;
(ivi) to pay to itself or the Seller, with respect to any Home Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer, the Limited Repurchase Right Holder or other entity, all amounts received thereon and not required to be distributed to the Grantor Trust Certificateholder as of the date on which the related Purchase Price or Repurchase Price is determined;
(vii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(viii) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02. Upon requestSince, in connection with withdrawals pursuant to clauses (ii), (iii), (v) and (vi), the Seller will provide the Purchaser with copies of reasonably acceptable invoices Master Servicer's entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related Home Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Loan by Home Loan basis, for the purpose of justifying any withdrawal from the Custodial AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 3 contracts
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Fund Mort Sec Home Loan-BCKD NTS Ser 2004-Hi1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent that in accordance with Subsection 11.16, xx xxx xxxxxx xhat such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 3 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-2), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-2ax)
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for unreimbursed P&I Advances, and third for any unpaid Servicing Fees, the Company's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s Company's right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price) and, in the event a Buydown Mortgage Loan is repurchased, to withdraw any Buydown Funds remaining in the Custodial Account with respect to the repurchased Buydown Mortgage Loan;
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any Nonrecoverable Advance or Advances; it being understood that if the amounts inadvertently deposited in available upon liquidation of the Custodial Accountrelated Mortgage Loan are insufficient to fully reimburse the Company for Nonrecoverable Advances or Advances previously made, then the Company shall provide the Owner with the amount of such deficiency and the Owner shall promptly reimburse the Company upon receipt of notice of such deficiency from Company; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 3 contracts
Samples: Master Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp Mort Pass Thru Ser 2004-5h), Master Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp), Master Mortgage Loan Sale and Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent that in accordance with Subsection 11.16, xx xxx xxxxxx xxat such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 3 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-3xs)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, in accordance with Subsection 11.16, to the extent that xxx xxxxxx xxxx such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 3 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-2ax), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-12xs), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-15xs)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-24), Servicing Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002 23xs), Servicing Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account for the following purposes:
(ai) on each Determination Date, from Group 2 Principal Collections, to make payments pay to the Purchaser Servicer the amount of any Additional Balances as and when created during the related Collection Period provided, however, that in no event shall such withdrawals exceed the Additional Balance Advance Amount as of the immediately preceding Payment Date and to pay the Servicer any Reimbursable Excluded Amounts received during the related Collection Period;
(ii) on each Determination Date, after giving effect to the withdrawal set forth in clause (i) above, the Servicer shall determine the aggregate amounts to be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the close of business on the Business Day prior to the related Payment Date, shall withdraw such amounts from the Custodial Account and deposit such amounts into the Payment Account, to be distributed by the Paying Agent in accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(biii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights received on particular Loans which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giv) to pay to itself out of each payment received on account of interest on a Loan for a related Loan Group as contemplated by Section 3.09, an amount equal to the related Servicing Fee for such Loan Group (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(v) to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount that it is entitled to withdraw pursuant to Section 3.02(b);
(hvi) to pay to the Seller, with respect to any Loan or property acquired in respect thereof that has been repurchased by or otherwise transferred to the Seller, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Repurchase Price is determined;
(vii) in the event that Liquidation Proceeds, if applicable, received in respect of a Loan are not sufficient to cover all unreimbursed expenses for which the Servicer is entitled to reimbursement hereunder, the Servicer may reimburse itself for such expenses out of funds held in the Custodial Account;
(viii) to transfer funds to another Eligible Account in accordance with Section 3.02(d) hereof;
(ix) to withdraw any amounts inadvertently other amount deposited in the Custodial AccountAccount that was not required to be deposited therein pursuant to Section 3.02; and
(ix) to clear and terminate the Custodial Account upon the termination of this Servicing Agreement. Upon requestSince, in connection with withdrawals pursuant to clauses (i), (iii) and (iv), the Seller will provide the Purchaser with copies of reasonably acceptable invoices Servicer’s entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related Loan, the Servicer shall keep and maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Servicer determines to be otherwise nonrecoverable, by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Servicing Agreement (Irwin Whole Loan Home Equity Trust 2005-B), Servicing Agreement (Irwin Whole Loan Home Equity Trust 2005-C)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances and second for uxxxxxxxxxxx X&X Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanOwner;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Servicer funds made pursuant to Section 5.03 of this Agreement to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(ev) to reimburse itself for all expenses incurred by necessary for the proper operation, management and reimbursable to it maintenance of each REO Property, including the cost of maintaining any hazard insurance pursuant to Subsection 12.01Section 4.10 and the fees of any managing agent of the Servicer or a subservicer, it being understood that, in the case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan the Servicing Compensation pursuant to Section 6.03;
(gvii) to pay transfer funds to itself any interest earned or any investment earnings on another Eligible Depository Institution in accordance with Section 4.09 hereof;
(viii) to remove funds deposited inadvertently placed in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited Account in error by the Custodial AccountServicer; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Servicer shall withdraw all funds from the Custodial Account. The Servicer may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 2 contracts
Samples: Loan Servicing Agreement (Sequoia Mortgage Trust 2007-2), Loan Servicing Agreement (Sequoia Mortgage Trust 2007-1)
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for xxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Company's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s Company's right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price);
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any Nonrecoverable Advance or Advances; it being understood that if the amounts inadvertently deposited in available upon liquidation of the Custodial Accountrelated Mortgage Loan are insufficient to fully reimburse the Company for Nonrecoverable Advances or Advances previously made, then the Company shall provide the Owner with the amount of such deficiency and the Owner shall promptly reimburse the Company upon receipt of notice of such deficiency from Company; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 2 contracts
Samples: Master Mortgage Loan Sale and Servicing Agreement (Lehman XS Trust Series 2006-10n), Master Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, in accordance with Subsection 11.16, to the extent that such txx xxxxxx xxxx xuch amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-11), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to close of business on the Business Day prior to the Purchaser related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or a Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance of delinquent principal or interest, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances of delinquent principal or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and terminate (h), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2006-He2), Servicing Agreement (GMACM Home Equity Loan Trust 2006-He3)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent in accordance with Subsection 11.16, xx xxx xxxxxx that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar)
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for xxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Company's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03 , in which case the Seller’s Company's right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Sections 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of the Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) Reserved.
(vi) to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price and amounts otherwise required to be paid to the Owner pursuant to this Agreement;
(vii) to pay itself with respect to each Mortgage Loan, servicing compensation pursuant to Section 6.03;
(viii) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial AccountNonrecoverable Advances; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 2 contracts
Samples: Master Flow Sale and Servicing Agreement (Banc of America Funding 2007-3 Trust), Master Flow Sale and Servicing Agreement (Banc of America Funding 2007-4 Trust)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Revolving Credit Loans for the following purposes:
(ai) to make payments deposit in the Distribution Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Security Collections required to be distributed on such Payment Date;
(bii) [reserved]prior to either an Amortization Event or the Collection Period preceding the end of the Revolving Period, to pay to the Designated Seller, the amount of any Additional Balances as and when created during the related Collection Period, provided, that the aggregate amount so paid to the Designated Seller in respect of Additional Balances at any time during any Collection Period shall not exceed the amount of Principal Collections theretofore received for such Collection Period;
(ciii) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Revolving Credit Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than [NY01:240828.4] 16069-00382 12/20/96 12:15am 10 any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Revolving Credit Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giv) to pay to itself out of each payment received on account of interest on a Revolving Credit Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any subservicing fees not previously withheld by the Subservicer;
(v) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsDistribution Account and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hvi) to withdraw any amounts inadvertently the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits (to the extent permitted by law);
(vii) to pay to itself or the Designated Seller, with respect to any Revolving Credit Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Designated Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(viii) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02;
(ix) to pay the Administrator, on the Business Day before each Payment Date, an amount equal to the Administrator Fee for the prior calendar month; and
(ix) after the occurrence of an Amortization Event, to clear pay to the Designated Seller, the Excluded Amount for each Revolving Credit Loan. Since, in connection with withdrawals pursuant to clauses (iii), (iv), (vi) and terminate (vii), the Master Servicer's entitlement thereto is limited to collections or other recoveries on the related Revolving Credit Loan, the Master Servicer shall keep and maintain separate accounting, on a Revolving Credit Loan by Revolving Credit Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement. Upon request, the Seller will provide Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Revolving Credit Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial Account.Account of amounts on deposit therein attributable to the Revolving Credit Loans on any Business Day prior to the Payment Date succeeding the date of such determination. [NY01:240828.4] 16069-00382 12/20/96 12:15am 11
Appears in 2 contracts
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 11.01;
(b) [reserved]to reimburse itself for Monthly Advances, Seller's right to permanently reimburse itself pursuant to this subclause (b) being limited to amounts received on the related Mortgage Loan which represent late payments net of the related Servicing Fee of principal and/or interest respecting which any such advance was made, it being understood that, in the case of any such rxxx-bursement, Seller's right thereto shall be prior to the rights of Purchaser unless Seller is required to repurchase a Mortgage Loan pursuant to Section 6.03, in which case Seller's right to such reimbursement shall be subsequent to the payment to Purchaser of the repurchase price pursuant to Section 6.03 and all other amounts required to be paid to Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself first for all unreimbursed Servicing Advances, second for unreimbursed Monthly Advances, and third for any unpaid Servicing Fees and for unreimbursed Servicing AdvancesFees, the Seller’s 's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursementrxxx-bursement, the Seller’s 's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 6.03, in which case the Seller’s 's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price repurchase price pursuant to Subsection 7.03, Section 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for all unreimbursed Servicing Advances, Monthly Advances and unpaid Servicing Fees to the extent that such amounts are deemed nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) abovethe terms of this Agreement, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Section 6.03, and to reimburse itself for such amounts to the extent that such amounts are not recovered from the disposition of REO Property pursuant to Section 10.17 hereof;
(e) to reimburse itself for subsequent trailing bills related to a previously disposed of REO Property for which distribution of the related net Liquidation Proceeds has occurred;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]Section 10.13;
(g) to withdraw Service Fees payable for the related Due Period, to the extent not otherwise retained pursuant to Section 6.03;
(h) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial AccountAccount to the extent such amount was previously deposited pursuant to Section 10.09, net such withdrawal to be made monthly not later than the Remittance Date following the date of any losses on such investmentsdeposit therein;
(hi) to withdraw any amounts inadvertently deposited in the Custodial Account; and;
(ij) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(k) to reimburse itself for payments remitted or advances made for which there has been a reduction in the amount of interest collectible for such related prepayment period as a result of the Servicemembers Civil Relief Act or any similar state law. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 11.01(c) and (d), Seller is not obligated to remit on such Remittance Date. Seller may use such with-drawn funds only for the purposes described in this Section 10.10.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6), Master Mortgage Loan Purchase and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 11.01;
(b) [reserved]to temporarily reimburse itself for advances of Seller funds made pursuant to Section 11.03, Seller's right to permanently reimburse itself pursuant to this subclause (b) being limited to amounts received on the related Mortgage Loan which represent payments of principal and/or interest respecting which any such advance was made;
(c) to reimburse itself first for all unreimbursed Servicing Advances, second for unreimbursed advances of Seller funds made pursuant to Section 11.03, and third for any unpaid Servicing Fees and for unreimbursed Servicing AdvancesFees, the Seller’s 's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, Insurance Proceeds amounts representing proceeds of insurance policies covering the related Mortgaged Property and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s 's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 6.03, in which case the Seller’s 's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price repurchase price pursuant to Subsection 7.03, Section 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for all unreimbursed Servicing Advances, advances of Seller funds made pursuant to Section 11.03 and unpaid Servicing Fees to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Section 6.03, and to reimburse itself for such amounts to the extent that such amounts are not recovered from the disposition of REO Property pursuant to Section 10.17 hereof;
(e) to reimburse itself for subsequent trailing bills related to a previously disposed of REO Property in which distribution of the net cash proceeds has occurred;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]Section 13.01;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentswithdrawal to be made monthly not later than the Remittance Date;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and;
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.;
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Servicing Agreement (Lehman Sarm 2005-5), Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-15)
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the SellerCompany’s right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for xxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Company’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerCompany’s right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the SellerCompany’s right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company’s right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price) and, in the event a Buydown Mortgage Loan is repurchased, to withdraw any Buydown Funds remaining in the Custodial Account with respect to the repurchased Buydown Mortgage Loan;
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any amounts inadvertently deposited in the Custodial AccountNonrecoverable Advance or Advances; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 2 contracts
Samples: Servicing Agreement (Luminent 2006-4), Servicing Agreement (Mortgage Loan Pass-Through Certificates Series 2003-1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection Section 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Section 6.03 or 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Section 6.03 or 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection Section 6.03 or 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, Section 6.03 or 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection Section 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection Section 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Section 11.17;
(g) to reimburse the trustee with respect to any Securitization for any xxxxxxxxxxxx X&X Advances or Servicing Advances made by the trustee, as applicable, the right to reimbursement pursuant to this subclause (g) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, proceeds of REO Dispositions, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of such reimbursement, such trustee’s right thereto shall be prior to the rights of the Servicer to reimbursement under (b) and (c), and prior to the rights of the Purchaser under (a);
(h) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(hi) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(ij) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will Servicer shall provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Flow Mortgage Loan Sale and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f), Flow Mortgage Loan Sale and Servicing Agreement (GSR Mortgage Loan Trust 2006-10f)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Loans for the following purposes:
(ai) (i) to make payments deposit in the Payment Account, seven days prior to each Payment Date (or if such day is not a Business Day, the immediately preceding Business Day), an amount equal to the Purchaser in Interest Remittance Amount (excluding any payments under the amounts Yield Maintenance Agreement that were received by the Indenture Trustee) and in the manner provided for in Subsection 11.15Principal Remittance Amount required to be distributed on such Payment Date;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Loan as contemplated by Section 3.09, an amount equal to the related Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to pay to itself or the Sponsor, with respect to any Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Sponsor, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined; and
(vi) to withdraw any amounts inadvertently other amount deposited in the Custodial Account; and
Account that was not required to be deposited therein pursuant to Section 3.02. Since, in connection with withdrawals pursuant to clauses (iii), (iii), (iv) and (v), the Servicer's entitlement thereto is limited to clear collections or other recoveries on the related Loan, the Servicer shall keep and terminate maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Servicing Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Servicing Agreement (Nomura Asset Acceptance Corp), Servicing Agreement (Nomura Home Equity Loan, Inc.)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Loans for the following purposes:
(ai) (i) to make payments deposit in the Payment Account, seven days prior to each Payment Date (or if such day is not a Business Day, the immediately preceding Business Day), an amount equal to the Purchaser in Interest Remittance Amount (excluding any payments under the amounts Yield Maintenance Agreement that were received by the Indenture Trustee) and in the manner provided for in Subsection 11.15Principal Remittance Amount required to be distributed on such Payment Date;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Loan as contemplated by Section 3.09, an amount equal to the related Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to pay to itself or the Seller, with respect to any Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined; and
(vi) to withdraw any amounts inadvertently other amount deposited in the Custodial Account; and
Account that was not required to be deposited therein pursuant to Section 3.02. Since, in connection with withdrawals pursuant to clauses (iii), (iii), (iv) and (v), the Servicer's entitlement thereto is limited to clear collections or other recoveries on the related Loan, the Servicer shall keep and terminate maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Servicing Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Servicing Agreement (Nomura Home Equity Loan, Inc.), Servicing Agreement (Nomura Asset Acceptance Corp)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date, shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself from any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Home Loan for any period prior to the Cut-Off Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Home Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Home Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Home Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or the Seller, with respect to any Home Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Home Loan for which it has made an advance of delinquent principal and/or interest, any previously unreimbursed advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Home Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.17(c) or Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(ix) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date; and
(k) to reimburse itself for advances of delinquent principal and/or interest on a Home Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) and terminate the Custodial Account upon the termination (h) of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial AccountSection 3.
Appears in 2 contracts
Samples: Servicing Agreement (Residential Asset Mortgage Products Inc), Servicing Agreement (GMACM Home Loan Trust 2004-Hltv1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances and second for xxxxxxxxxxxx X&X Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanOwner;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Servicer funds made pursuant to Section 5.03 of this Agreement to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(ev) to reimburse itself for all expenses incurred by necessary for the proper operation, management and reimbursable to it maintenance of each REO Property, including the cost of maintaining any hazard insurance pursuant to Subsection 12.01Section 4.10 and the fees of any managing agent of the Servicer or a subservicer, it being understood that, in the case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan the Servicing Compensation pursuant to Section 6.03;
(gvii) to pay transfer funds to itself any interest earned or any investment earnings on another Eligible Depository Institution in accordance with Section 4.09 hereof;
(viii) to remove funds deposited inadvertently placed in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited Account in error by the Custodial AccountServicer; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Servicer shall withdraw all funds from the Custodial Account. The Servicer may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 2 contracts
Samples: Loan Servicing Agreement (Sequoia Mortgage Trust 2007-3), Loan Servicing Agreement (Sequoia Residential Funding Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent in accordance with Subsection 11.16, xx xxx xxxent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-6ar), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any from monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or a Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.18(c), to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances on a Mortgage Loan that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and terminate (h), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2007-He2), Servicing Agreement (GMACM Home Equity Loan Trust 2007-He1)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection Section 11.15;
(b) [reserved]to reimburse itself for P&I Advances, Seller’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by Seller from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, Seller’s right thereto shall be prior to the rights of Purchaser, except that, where Seller is required to repurchase a Mortgage Loan, pursuant to Section 6.03, Seller’s right to such reimbursement shall be subsequent to the payment to Purchaser of the Repurchase Price pursuant to Section 6.03 and all other amounts required to be paid to Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 6.03, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, Section 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, in accordance with Section 11.17, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Section 6.03;
(e) to withdraw amounts to make P&I Advances in accordance with Section 11.17;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]this Agreement;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Master Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2006-1), Master Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) to make payments on each Determination Date, the Servicer shall determine the pro rata portion of the Interest Collections deposited into the Custodial Account with respect to the Purchaser in related Collection Period that relate to the Additional Balance Increase Amount and, prior to 1:00 p.m. (EST) on the Business Day prior to the related Payment Date, the Servicer shall withdraw such amounts from the Custodial Account and in deposit such amounts into the manner provided Distribution Account established by the Certificate Paying Agent for in Subsection 11.15distribution to the Certificateholders pursuant to Section 5.01 of the Trust Agreement;
(b) [reserved]on each Determination Date, the Servicer shall determine the aggregate amounts to be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to 1:00 p.m. (EST) on the Business Day prior to the related Payment Date, the Servicer shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account, the Funding Account or the Distribution Account, as applicable, for distribution by the Paying Agent, in each case in accordance with Section 3.05 of the Indenture and in the order of priority set forth in Section 3.05(a) of the Indenture for such Payment Date and in accordance with the Servicing Certificate;
(c) to pay to the Seller any monthly payments received from the Mortgagors that do not constitute Transferred Property;
(d) prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans, and, on and after the Payment Date in ______ 200_, if Principal Collections are not sufficient from Excess Spread, to pay to the Seller, as assignee of the Depositor, the amount of any Additional Balances, as and when created during the related Collection Period, but only to the extent that amounts on deposit in the Funding Account are not sufficient for such purpose; provided that Excess Spread shall not be so applied if the Enhancer has not been reimbursed for all draws made under the Policy, with interest; and provided further that Excess Spread (calculated with respect to the following Payment Date) in the Custodial Account will not be applied to purchase Additional Balances to the extent that after such purchase the Overcollateralization Amount would exceed the Overcollateralization Target Amount, calculated in each case as of the following Payment Date;
(e) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.05, for unreimbursed Servicing Advances, for fees payable pursuant to Section 3.08, for expenses payable pursuant to Section 3.10, for amounts reimbursable pursuant to Section 6.03 or Liquidation Expenses, paid pursuant to Section 3.08 or otherwise reimbursable pursuant to the terms of this Agreement (to the extent not payable pursuant to Section 3.10), such withdrawal right being limited to amounts received on particular Mortgage Loans (other than any Repurchase Price in respect thereof) that represent late recoveries of the payments for which such advances were made, or from related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loan;
(f) to pay itself an amount equal to the related Servicing Fee (to the extent not retained pursuant to Section 3.03);
(g) to the extent deposited in the Custodial Account, to pay to the Servicer as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to withdraw pursuant to Section 3.03, and (ii) Foreclosure Profits (to the extent permitted by law);
(h) to pay to the Seller’s right to reimburse itself pursuant to this subclause (c) , with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or property acquired in respect thereof that has been purchased or otherwise relating transferred to the Mortgage Loan, it being understood that, in the case of any such reimbursementSeller, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03Servicer or other entity, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, all amounts received thereon and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by distributed to Securityholders as of the Seller pursuant to Subsection 7.03date on which the related Purchase Price or Repurchase Price is determined;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate withdraw any other amount, determined without duplication with respect to an other amount provided for in this Section 3.04, deposited in the Custodial Account upon that was not required to be deposited therein pursuant to Section 3.03;
(j) to pay to the termination Servicer, with respect to any Mortgage Loan for which the Servicer has made a P&I Advance that has not been previously reimbursed to the extent of receipts of late recoveries of such payments from the related Mortgagor, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loan; and
(k) to reimburse the Servicer for any advances or expenses that have not been previously reimbursed pursuant to such clauses (e) or (j). Since, in connection with withdrawals pursuant to clauses (c), (e), (f), (h) and (j), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to be reimbursed itself for any previously unreimbursed expenses incurred pursuant to Section 3.08 or otherwise reimbursable pursuant to the Purchaser with copies terms of reasonably acceptable invoices or other documentation relating this Agreement that the Servicer determines to Servicing Advances that have been reimbursed be otherwise nonrecoverable, by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination. If any deposit required to be made by the Servicer pursuant to Section 3.04(b) is not made when due, the Servicer shall pay to the Paying Agent, out of the Servicer's own funds, one day of interest on such late payment, at a per annum rate equal to the effective Federal Funds Rate for such date. Such interest shall be remitted to the Paying Agent on the same day that the Servicer remits the late remittance to the Paying Agent.
Appears in 2 contracts
Samples: Servicing Agreement (Wachovia Asset Funding Trust, LLC), Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser or its designee in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser or its designee of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser or its designee of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser or its designee with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser or its designee in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser or its designee with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances and P&I Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-S1), Mortgage Loan Sale and Servicing Agreement (J.P. Morgan Alternative Loan Trust 2006-A2)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, or Seller is required to pay Prepayment Interest Shortfall pursuant to Subsection 11.15, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 2 contracts
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-1), Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2007-4)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 hereof that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Master Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself from any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or Section 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or the related Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw any pay to the REMIC Administrator amounts inadvertently deposited in reimbursable from the Custodial Account; andAccount pursuant to Section 11.01(c) of the Indenture;
(i) to clear pay to itself, with respect to any Mortgage Loan for which it has made an advance of delinquent principal and/or interest, any previously unreimbursed advances of such amounts theretofore made to the extent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(j) to reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.17(c) or Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(k) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xiii) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date; and
(l) to reimburse itself for advances of delinquent principal and/or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) and terminate (i) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and (i), the Master Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Master Servicing Agreement (SG Mortgage Securities, LLC), Master Servicing Agreement (SG Mortgage Securities, LLC)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Home Loans for the following purposes:
(ai) to make payments deposit in the Grantor Trust Certificate Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser in Interest Collections and Principal Collections required to be distributed on such Payment Date and any payments or collections constituting prepayment charges received during the amounts and in the manner provided for in Subsection 11.15related Prepayment Period;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Home Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Home Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Home Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and the Grantor Trust Certificate Account that it is entitled to withdraw pursuant to Sections 3.02(b);
(hv) to withdraw any amounts inadvertently the extent deposited in the Custodial Account; and, to pay to itself as additional servicing compensation any Foreclosure Profits;
(ivi) to pay to itself or the Seller, with respect to any Home Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to the Grantor Trust Certificateholder as of the date on which the related Purchase Price or Repurchase Price is determined;
(vii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(viii) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02. Upon requestSince, in connection with withdrawals pursuant to clauses (ii), (iii), (v) and (vi), the Seller will provide the Purchaser with copies of reasonably acceptable invoices Master Servicer's entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related Home Loan, the Master Servicer shall keep and maintain separate accounting, on a Home Loan by Home Loan basis, for the purpose of justifying any withdrawal from the Custodial AccountAccount pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement, the Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with respect to any Home Loan as to which the Repurchase Price has been paid), by withdrawal from the Custodial Account of amounts on deposit therein attributable to the Home Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 2 contracts
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc), Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1510.16;
(b) [reserved];
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03[reserved];
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.0110;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(hg) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(ih) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Non Delegated Application
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for unreimbursed P&I Advances, and for any unpaid Servicing Fees, the Xxxxxxx'x xxxxx to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s Company's right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price);
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any Nonrecoverable Advance or Advances; it being understood that if the amounts inadvertently deposited in available upon liquidation of the Custodial Accountrelated Mortgage Loan are insufficient to fully reimburse the Company for Nonrecoverable Advances or Advances previously made, then the Company shall provide the Owner with the amount of such deficiency and the Owner shall promptly reimburse the Company upon receipt of notice of such deficiency from Company; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.0l(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 1 contract
Samples: Master Mortgage Loan Sale and Servicing Agreement (Sasco 2006-3h)
Withdrawals From the Custodial Account. The Seller Seller/Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Seller/Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller/Servicer from the Mortgagor or late payments relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller/Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller/Servicer is required to repurchase a Mortgage Loan, pursuant to Subsection 6.03, the Seller/Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 6.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller/Servicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Seller/Servicer as late payments from the related Mortgagor or otherwise relating to the Mortgage LoanMortgagor, it being understood that, in the case of any such reimbursement, the Seller/Servicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller Seller/Servicer is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.156.03, in which case the Seller/Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, in accordance with Subsection 11.17, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Seller/Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Seller/Servicer pursuant to Subsection 7.036.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating The Seller/Servicer shall maintain records sufficient to Servicing Advances that have been reimbursed justify on a Mortgage Loan-by-Mortgage Loan basis any withdrawal from the Custodial AccountAccount pursuant to Sections 11.05(b), (c), and (e) hereof.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Thorn Mort Sec Tr 2003-3)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 11.16;
(b) [reserved]to reimburse itself for P&I Advances, Seller's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by Seller from Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, Seller's right thereto shall be prior to the rights of Purchaser, except that, where Seller is required to repurchase a Mortgage Loan, pursuant to Section 6.03, Seller's right to such reimbursement shall be subsequent to the payment to Purchaser of the Repurchase Price pursuant to Section 6.03 and all other amounts required to be paid to Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s 's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s 's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 6.03, in which case the Seller’s 's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, Section 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, in accordance with Section 11.18, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Section 6.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01this Agreement;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Section 11.18;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any from monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or a Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.17(c) or Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances on a Mortgage Loan that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and terminate (h), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2006-He5)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.1510.15;
(b) [reserved];
(c) to reimburse itself for any unpaid portion of its Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser Owner unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller Servicer is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.1510.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loanshortfall;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser Owner in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.0111.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser Owner with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Flow Mortgage Loan Servicing Agreement (Sequoia Residential Funding Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to close of business on the Business Day prior to the Purchaser related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account, Funding Account or Reserve Sub-Account, as applicable, to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date; prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans, and, if Principal Collections are not sufficient, from Excess Spread, to pay to GMACM the amount of any Additional Balances as and when created during the related Collection Period, and, prior to the commencement of the Managed Amortization Period, to pay to the related Seller the Purchase Price of any Subsequent Mortgage Loans on the related Subsequent Transfer Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or a Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance of delinquent principal or interest, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear and terminate reimburse itself for the Custodial amount of any investment earnings advanced prior to maturity pursuant to Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account upon in accordance with Section 3.05(a)(xvi) of the termination Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances of delinquent principal or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial AccountSection 3.
Appears in 1 contract
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2004-He4)
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servic-ing Advances, second for uxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Company's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursementrxxx-bursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s Company's right to such reimbursement shall be subsequent subse-quent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecover-able from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price);
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any Nonrecoverable Advance or Advances; it being understood that if the amounts inadvertently deposited in available upon liquidation of the Custodial Accountrelated Mortgage Loan are insufficient to fully reimburse the Company for Nonrecoverable Advances or Advances previously made, then the Company shall provide the Owner with the amount of such deficiency and the Owner shall promptly reimburse the Company upon receipt of notice of such deficiency from Company; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such with-drawn funds only for the purposes described in this Section 4.05.
Appears in 1 contract
Samples: Master Mortgage Loan Sale and Servicing Agreement (Lehman XS Trust Series 2006-12n)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to close of business on the Business Day prior to the Purchaser related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account, Funding Account or Reserve Sub-Account, as applicable, to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date; prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans, and, if Principal Collections are not sufficient, from Excess Spread, to pay to _________ the amount of any Additional Balances as and when created during the related Collection Period, and, prior to the commencement of the Managed Amortization Period, to pay to the related Seller the Purchase Price of any Subsequent Mortgage Loans on the related Subsequent Transfer Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or a Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance of delinquent principal or interest, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances of delinquent principal or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (e), (f) and terminate (h), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Servicing Agreement (Residential Asset Mortgage Products Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLo an;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s 's Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Flow Mortgage Loan Sale and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, in accordance with Subsection 11.16, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.0116.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved];
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (cb) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer's right to reimburse itself pursuant to this subclaus e (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent that such amounts are nonrecoverable xxxxxxxxxxxble (as certified by the Seller Servicer to the Purchaser in an Officer’s 's Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
and (i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for unreimbursed P&I Advances, and third for any unpaid Servicixx Xxxx, xxx Xxxpany's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s Company's right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price) and, in the event a Buydown Mortgage Loan is repurchased, to withdraw any Buydown Funds remaining in the Custodial Account with respect to the repurchased Buydown Mortgage Loan;
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any Nonrecoverable Advance or Advances; it being understood that if the amounts inadvertently deposited in available upon liquidation of the Custodial Accountrelated Mortgage Loan are insufficient to fully reimburse the Company for Nonrecoverable Advances or Advances previously made, then the Company shall provide the Owner with the amount of such deficiency and the Owner shall promptly reimburse the Company upon receipt of notice of such deficiency from Company; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 1 contract
Withdrawals From the Custodial Account. The Seller shallServicer may, from time to time during the Interim Servicing Periodtime, withdraw funds make, or cause to be made, withdrawals from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved];
(ci) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s servicing advances made by it; such right to reimburse itself reimbursement pursuant to this subclause (ci) is limited to amounts received on or in respect of a particular HELOC (including, for this purpose, Liquidation Proceeds and amounts representing Insurance Proceeds and Subsequent Recoveries with respect to any Mortgage Loan being limited the property subject to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, Mortgage) it being understood thatunderstood, in the case of any such reimbursement, that the SellerServicer’s or Servicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanSecurityholders;
(dii) to reimburse itself from Liquidation Proceeds for unreimbursed Servicing AdvancesLiquidation Expenses in good faith in connection with the restoration of damaged property and, to the extent that Liquidation Proceeds after such amounts are nonrecoverable (as certified by reimbursement exceed the Seller unpaid principal balance of the related HELOC, together with accrued and unpaid interest thereon at the applicable Loan Rate less the applicable Servicing Fee Rate for such HELOC to the Purchaser in an Officer’s Certificate) by Due Date next succeeding the Seller pursuant to subclause (c) abovedate of its receipt of such Liquidation Proceeds, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself out of such excess the amount of any interest unpaid assumption fees, late payment charges or other Mortgagor charges on the related HELOC and to retain any excess remaining thereafter as additional servicing compensation, it being understood, in the case of any such reimbursement or payment, that the Servicer’s right thereto shall be prior to the rights of the Securityholders;
(iii) pay to the Depositor, the Sponsor or the Original Loan Seller, as applicable, with respect to each HELOC or REO Property acquired in respect thereof that has been purchased pursuant to this Agreement, all amounts received thereon and not distributed on the date on which the related repurchase was effected, and to pay to the applicable Person any servicing advances to the extent specified in the definition of Repurchase Price;
(iv) subject to Section 6.01, to pay to itself income earned or any on the investment earnings on of funds deposited in the Custodial Account, net of any losses on such investments;
(hv) on each Servicer Remittance Date, to make payment to the Indenture Trustee for deposit into the Payment Account of the remittance amount for the related Payment Date;
(vi) to make payment to itself, the Indenture Trustee, the Custodian, the Administrator and others pursuant to any provision of this Agreement, the Indenture, the Custodial Agreement or the Administration Agreement;
(vii) to withdraw any amounts inadvertently funds deposited in error in the Custodial Account; and;
(iviii) to clear and terminate the Custodial Account upon the pursuant to Section 7.10;
(ix) to reimburse a successor servicer (solely in its capacity as successor servicer), for any fee, expense or advance occasioned by a termination of this Agreementthe Servicer, and the assumption of such duties by the Indenture Trustee or a successor Servicer appointed by the Indenture Trustee pursuant to Section 6.01, in each case to the extent not reimbursed by the terminated Servicer, it being understood, in the case of any such reimbursement or payment, that the right of such successor Servicer or the Indenture Trustee to be reimbursed thereto shall be prior to the rights of the Securityholders. Upon requestIn connection with withdrawals pursuant to subclauses (i), (ii) and (iii) above, the Seller will provide the Purchaser with copies of reasonably acceptable invoices Servicer’s, or such other Person’s entitlement thereto is limited to collections or other documentation relating to Servicing Advances that have been reimbursed recoveries on the related HELOC. The Servicer shall therefore keep and maintain a separate accounting for each HELOC it services for the purpose of justifying any withdrawal from the Custodial Account it maintains pursuant to such subclause (i), (ii) and (iii). On each Servicer Remittance Date the Servicer shall withdraw the remittance amount for the related Payment Date and remit such amount to the Indenture Trustee for deposit into the Payment Account.
Appears in 1 contract
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent that such amounts are nonrecoverable xxxxxxxxxxxxle (as 41 certified by the Seller Servicer to the Purchaser in an Officer’s 's Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sunset Financial Resources Inc)
Withdrawals From the Custodial Account. The Seller Company shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s Company's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for xxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Company's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Company from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Company's right thereto shall be prior to the rights of the Purchaser Owner unless the Seller Company is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s Company's right to such reimbursement shall be subsequent to the payment to the Purchaser Owner of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser Owner with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Company funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Company pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Company pursuant to Subsection 7.03Section 3.03, in which case the Company's right to such reimbursement shall be subsequent to the payment to the Owner of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Owner with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price) and, in the event a Buydown Mortgage Loan is repurchased, to withdraw any Buydown Funds remaining in the Custodial Account with respect to the repurchased Buydown Mortgage Loan;
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any Nonrecoverable Advance or Advances; it being understood that if the amounts inadvertently deposited in available upon liquidation of the Custodial Accountrelated Mortgage Loan are insufficient to fully reimburse the Company for Nonrecoverable Advances or Advances previously made, then the Company shall provide the Owner with the amount of such deficiency and the Owner shall promptly reimburse the Company upon receipt of notice of such deficiency from Company; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Company shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Company is not obligated to remit on such Remittance Date. The Company may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 1 contract
Samples: Master Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp 2004-18h)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Revolving Credit Loans for the following purposes:
(a) to make payments deposit in the Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser in the amounts Interest Collections and in the manner provided for in Subsection 11.15Principal Collections required to be distributed on such Payment Date;
(b) [reserved]prior to either an Amortization Event or the Collection Period during which the Revolving Period ends, to pay to the Seller, the amount of any Additional Balances as and when created during the related Collection Period, provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any Collection Period shall not exceed the amount of Principal Collections theretofore received for such Collection Period;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to amounts received on particular Revolving Credit Loans (other than any Repurchase Price in respect thereof) which represent late recoveries of the payments for which such advances were made, or from related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by or the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights proceeds of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to purchase of such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Revolving Credit Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Revolving Credit Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Advances, Fee (to the extent that such amounts are nonrecoverable (as certified not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account to pay to itself for expenses incurred by as additional servicing compensation any interest or investment income earned on funds deposited in the Custodial Account and reimbursable Payment Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01;
(f) [reserved]to the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits (to the extent permitted by law);
(g) to pay to itself or the Seller, with respect to any interest earned Revolving Credit Loan or any investment earnings property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on funds deposited in which the Custodial Account, net of any losses on such investmentsrelated Purchase Price or Repurchase Price is determined;
(h) to withdraw any amounts inadvertently other amount deposited in the Custodial AccountAccount that was not required to be deposited therein pursuant to Section 3.02; and
(i) after the occurrence of an Amortization Event, to clear pay to the Seller, the Excluded Amount for each Revolving Credit Loan. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and terminate (g), the Master Servicer's entitlement thereto is limited to collections or other recoveries on the related Revolving Credit Loan, the Master Servicer shall keep and maintain separate accounting, on a Revolving Credit Loan by Revolving Credit Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement. Upon request, the Seller will provide Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Revolving Credit Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Revolving Credit Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 14.01;
(b) [reserved]to temporarily reimburse itself for advances of Servicer funds made pursuant to Section 14.03 (provided that the Servicer shall replenish the amount of the temporary reimbursement prior to the Remittance Date on which such funds are required to be distributed), and to permanently reimburse itself from amounts received on the related Mortgage Loan which represent payments of principal and/or interest respecting which any such advance was made with Servicer funds or was made with funds held for a future distribution and replenished with Servicer funds, except that, where Servicer as Seller or Servicer is required to repurchase a Mortgage Loan pursuant to Section 8.03, Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Section 8.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself first for all unreimbursed Servicing Advances, second for unreimbursed Monthly Advances of Servicer funds made pursuant to Section 11.03, and third for any unpaid Servicing Fees and for unreimbursed Servicing Advances, Fees; provided that the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds amounts representing proceeds of insurance policies covering the related Mortgaged Property and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, including amounts recovered from the disposition of the related REO Property, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Servicer as Seller or Servicer is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 8.03, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price repurchase price pursuant to Subsection 7.03, Section 8.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) except as otherwise provided herein, to reimburse itself for all unreimbursed Advances and unpaid Servicing Advances, Fees to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances Advances were made is not required to be repurchased by the Servicer as Seller or Servicer pursuant to Subsection 7.03Section 8.03, and, except to the extent such advances are deemed nonrecoverable, to reimburse itself for such amounts to the extent that such amounts are not recovered from the disposition of REO Property pursuant to Section 7.17 hereof or otherwise pursuant to subclause (c) above or in this subclause (d);
(e) to reimburse itself for subsequent trailing bills related to a previously disposed of REO Property in which distribution of the net cash proceeds has occurred;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]Section 13.01, other than costs, fees and expenses incurred in connection with its indemnification of the Purchaser and any Successor Servicer pursuant to Section 13.01(a);
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentswithdrawal to be made monthly not later than the Remittance Date;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and;
(i) to clear and terminate the Custodial Account upon the termination of this Agreement;
(j) to withdraw Servicing Fees to the extent deposited therein;
(k) to reimburse itself for payments remitted or advances made for which there has been a reduction in the amount of interest collectible for such related Prepayment Period as a result of the Servicemembers’ Civil Relief Act or any similar state law; and
(l) subject to Section 7.01, to reimburse itself for any Capitalized Modification Amounts at the time of the modification of any Mortgage Loan to the extent such Capitalized Modification Amounts were previously remitted by the Servicer as part of a Servicing Advance or a Monthly Advance and not previously reimbursed; provided, that such reimbursements shall only be made out of the principal portion of collections on the Mortgage Loans. Upon request, the Seller Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account. On each Remittance Date, the Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to Section 14.01 (c), the Servicer is not obligated to remit on such Remittance Date. The Servicer may use such withdrawn funds only for the purposes described in this Section 7.10.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (Sequoia Mortgage Trust 2013-1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, in accordance with Subsection 11.16, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) to make payments on each Determination Date, the Servicer shall determine the pro rata portion of the Interest Collections from the related Loan Group deposited into the Custodial Account with respect to the Purchaser in related Collection Period that relate to the Additional Balance Increase Amount and, prior to 1:00 p.m. (EST) on the Business Day prior to the related Payment Date, the Servicer shall withdraw such amounts from the Custodial Account and in deposit such amounts into the manner provided Distribution Account for in Subsection 11.15distribution to the Certificateholders pursuant to Section 5.01 of the Trust Agreement;
(b) [reserved]on each Determination Date, the Servicer shall determine the aggregate amounts to be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to 1:00 p.m. (EST) on the Business Day prior to the related Payment Date, the Servicer shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account, the applicable Funding Account or the Distribution Account, in each case in accordance with Section 3.05 of the Indenture and in the order of priority set forth in Section 3.05(a) of the Indenture for such Payment Date and in accordance with the Servicing Certificate;
(c) to pay to the Seller any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date or Subsequent Cut-off Date, as applicable;
(d) during the Group I Revolving Period and the Managed Amortization Period for the Class A-I-1 Notes and the Group II Revolving Period and the Managed Amortization Period for the Class A-II Notes, from Principal Collections on the Mortgage Loans in the related Loan Group, and, on or after the Payment Date occurring in [_____], if Principal Collections are not sufficient from Group Excess Spread from the related Loan Group, to pay to the Seller, as designee of the Depositor, the amount of any Additional Balances, as and when created during the related Collection Period, but only to the extent that amounts on deposit in the related Funding Account are not sufficient for such purpose; provided that Excess Spread shall not be so applied if the Enhancer has not been reimbursed for all draws made under the Policy, with interest; and provided further that Excess Spread (calculated with respect to the following Payment Date) in the Custodial Account will not be applied to purchase Additional Balances to the extent that after such purchase the Overcollateralization Amount would exceed the Overcollateralization Target Amount, or the Total Overcollateralization Amount would exceed the Total Overcollateralization Target Amount, calculated in each case as of the following Payment Date;
(e) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.05, for unreimbursed Servicing Advances, for fees payable pursuant to Section 3.08, for expenses payable pursuant to Section 3.10, for amounts reimbursable pursuant to Section 6.03 or Liquidation Expenses, paid pursuant to Section 3.08 or otherwise reimbursable pursuant to the terms of this Agreement (to the extent not payable pursuant to Section 3.10), such withdrawal right being limited to amounts received on particular Mortgage Loans (other than any Repurchase Price in respect thereof) that represent late recoveries of the payments for which such advances were made, or from related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loan;
(f) to pay itself an amount equal to the related Servicing Fee (to the extent not retained pursuant to Section 3.03);
(g) to the extent deposited in the Custodial Account, to pay to the Servicer as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to withdraw pursuant to Section 3.03, and (ii) Foreclosure Profits (to the extent permitted by law);
(h) to pay to the Seller’s right to reimburse itself pursuant to this subclause (c) , with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or property acquired in respect thereof that has been purchased or otherwise relating transferred to the Mortgage Loan, it being understood that, in the case of any such reimbursementSeller, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03Servicer or other entity, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, all amounts received thereon and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by distributed to Securityholders as of the Seller pursuant to Subsection 7.03date on which the related Purchase Price or Repurchase Price is determined;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate withdraw any other amount, determined without duplication with respect to an other amount provided for in this Section 3.04, deposited in the Custodial Account upon that was not required to be deposited therein pursuant to Section 3.03;
(j) to pay to the termination Servicer, with respect to any Mortgage Loan for which the Servicer has made a P&I Advance that has not been previously reimbursed to the extent of receipts of late recoveries of such payments from the related Mortgagor, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loan; and
(k) to reimburse the Servicer for any advances or expenses that have not been previously reimbursed pursuant to such clauses (e) or (j). Since, in connection with withdrawals pursuant to clauses (c), (e), (f), (h) and (j), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to be reimbursed itself for any previously unreimbursed expenses incurred pursuant to Section 3.08 or otherwise reimbursable pursuant to the Purchaser with copies terms of reasonably acceptable invoices or other documentation relating this Agreement that the Servicer determines to Servicing Advances that have been reimbursed be otherwise nonrecoverable, by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination. If any deposit required to be made by the Servicer pursuant to Section 3.04(b) is not made when due, the Servicer shall pay to the Paying Agent, out of the Servicer's own funds, one day of interest on such late payment, at a per annum rate equal to the effective Federal Funds Rate for such date. Such interest shall be remitted to the Paying Agent on the same day that the Servicer remits the late remittance to the Paying Agent.
Appears in 1 contract
Samples: Servicing Agreement (Wachovia Asset Securitization Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s 's Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Flow Mortgage Loan Sale and Servicing Agreement (Lehman Sarm 2005-5)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 11.01;
(b) [reserved]to temporarily reimburse itself for advances of Seller funds made pursuant to Section 11.03, Seller's right to permanently reimburse itself pursuant to this subclause (b) being limited to amounts received on the related Mortgage Loan which represent payments of principal and/or interest respecting which any such advance was made;
(c) to reimburse itself first for all unreimbursed Servicing Advances, second for unreimbursed advances of Seller funds made pursuant to Section 11.03, and third for any unpaid Servicing Fees and for unreimbursed Servicing AdvancesFees, the Seller’s 's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, Insurance Proceeds amounts representing proceeds of insurance policies covering the related Mortgaged Property and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s 's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 6.03, in which case the Seller’s 's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price repurchase price pursuant to Subsection 7.03, Section 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for all unreimbursed Servicing Advances, advances of Seller funds made pursuant to Section 11.03 and unpaid Servicing Fees to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Section 6.03, and to reimburse itself for such amounts to the extent that such amounts are not recovered from the disposition of REO Property pursuant to Section 10.17 hereof;
(e) to reimburse itself for subsequent trailing bills related to a previously disposed of REO Property in which distribution of the net cash proceeds has occurred;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]Section 13.01;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentswithdrawal to be made monthly not later than the Remittance Date;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and;
(i) to clear and terminate the Custodial Account upon the termination of this Agreement;
(j) to withdraw Service Fees to the extent deposited therein; and
(k) except with respect to any Mortgage Loan in breach of the representation set forth in Section 6.01 (nn), to reimburse itself for payments remitted or advances made for which there has been a reduction in the amount of interest collectible for such related Prepayment Period as a result of the Servicemembers' Civil Relief Act of 2003. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 11.01(c) and (d), Seller is not obligated to remit on such Remittance Date. Seller may use such withdrawn funds only for the purposes described in this Section 10.10.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, in accordance with Subsection 11.16, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay itself any Net Simple Interest Excess received on the Simple Interest Loans;
(h) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(hi) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(ij) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any from monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or the Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.18(c), to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances on a Mortgage Loan that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (f) and terminate (h), the Servicer's entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Servicing Agreement (GMACM Home Equity Loan Trust 2007-He3)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes:
(a) : to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) 10.16; [reserved];
(c) ; to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) ; [reserved]; to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) 10; to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) ; to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) and to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account. Establishment of Escrow Account; Deposits in Escrow Account. The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts (collectively, the “Escrow Account”), titled “Seller, in trust for XXXX as Purchaser of Mortgage Loans and various Mortgagors.” The Escrow Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of Seller), which meets the guidelines set forth by Xxxxxx Mae or Xxxxxxx Mac as an eligible institution for escrow accounts. The Escrow Account shall initially be established and maintained at an institution reasonably acceptable to the Seller and the Purchaser, and shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Escrow Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Escrow Account on a daily basis, and retain therein: (a) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (b) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Seller shall make withdrawals therefrom only in accordance with Subsection 10.08 hereof. As part of its interim servicing duties, the Seller shall pay to the Mortgagors interest on funds in the Escrow Account, to the extent required by law, which payments shall be reimbursed to Seller by Purchaser.
Appears in 1 contract
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser Owner in the amounts and in the manner provided for in Subsection 11.15;Section 4.01; 19 -------------------------------------------------------------------------------- NOMURA ASSET CAPITAL CORPORATION EXHIBIT M PAGE M-19 AUGUST 1, 1995 FORM OF SERVICING AGREEMENT --------------------------------------------------------------------------------
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan which represent late payments of principal and/or interest respecting which any such Advance was made;
(iii) to reimburse itself for unreimbursed Servicing Advances, for unreimbursed Advances and for accrued and unpaid Servicing Fees, the Servicer's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation condemnation proceeds, REO Disposition Proceeds, Insurance Proceeds amounts representing proceeds of insurance policies covering the related Mortgaged Property and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanOwner;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(eiv) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 7.01;
(f) [reserved];
(gv) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentswithdrawal to be made monthly not later than the Remittance Date;
(hvi) to withdraw any amounts inadvertently deposited in the Custodial AccountAccount or not required to be deposited therein; and
(ivii) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to Section 4.01, the Servicer is not obligated to remit on such Remittance Date. The Servicer may use such withdrawn funds only for the purposes described in this Section 3.05. If after receipt and application of Liquidation Proceeds or REO Disposition Proceeds in accordance with the foregoing the Servicer has sustained an unrecovered loss in connection with a Servicing Advance or an Advance, the amount of unrecovered loss shall be reimbursed to the Servicer from amounts in the Custodial Account, or if such funds are insufficient, by payment to the Servicer by the Owner within ten (10) Business Days of the receipt of notice by such Owner of such amount. The Servicer shall reimburse itself and demand reimbursement only if the Servicer has reasonably determined that such reimbursements are in accordance with Customary Servicing Advances as evidenced by an Officer's Certificate delivered to the Owner.
Appears in 1 contract
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.2 that are attributable to the Revolving Credit Loans for the following purposes:
(ai) to make payments deposit in the Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser in the amounts Interest Collections and in the manner provided for in Subsection 11.15Principal Collections required to be distributed on such Payment Date;
(bii) [reserved]prior to either an Amortization Event or the Collection Period preceding the end of the Revolving Period, to pay to the Seller, the amount of any Additional Balances as and when created during the related Collection Period, provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any Collection Period shall not exceed the amount of Principal Collections theretofore received for such Collection Period;
(ciii) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.4, or Liquidation Expenses, paid pursuant to Section 3.7 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.9), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Revolving Credit Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Revolving Credit Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giv) to pay to itself out of each payment received on account of interest on a Revolving Credit Loan as contemplated by Section 3.9, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.2), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(v) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.2(b) and 5.1;
(hvi) to withdraw any amounts inadvertently the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits (to the extent permitted by law);
(vii) to pay to itself or the Seller, with respect to any Revolving Credit Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(viii) to reimburse itself in accordance with Section 4.2;
(ix) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.2; and
(ix) after the occurrence of an Amortization Event, to clear pay to the Seller, the Excluded Amount for each Revolving Credit Loan. Since, in connection with withdrawals pursuant to clauses (iii), (iv), (vi) and terminate (vii), the Master Servicer's entitlement thereto is limited to collections or other recoveries on the related Revolving Credit Loan, the Master Servicer shall keep and maintain separate accounting, on a Revolving Credit Loan by Revolving Credit Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement. Upon request, the Seller will provide Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.7 or otherwise reimbursable pursuant to the Purchaser terms of this Servicing Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Revolving Credit Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Revolving Credit Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Withdrawals From the Custodial Account. The Seller shall, from time Master Servicer shall withdraw or cause to time during the Interim Servicing Period, withdraw be withdrawn funds from the Custodial Account for the following purposes:
(ai) before 1:00 p.m. (New York City time) on the Master Servicer Remittance Date to make payments withdraw the Available Funds, Prepayment Charges deposited by the Servicer and Prepayment Charge Payment Amounts and, in each case, remit such funds to the Purchaser in Trustee for deposit to the amounts and in the manner provided for in Subsection 11.15Distribution Account;
(bii) [reserved]before 1:00 p.m. (New York City time) on the Master Servicer Remittance Date, to pay the Trustee, the Trustee Fee;
(ciii) to reimburse itself the Master Servicer for any accrued unpaid Master Servicing Fees Compensation which the Master Servicer would not have been required to deposit in the Custodial Account and for unreimbursed Servicing Advances, Monthly Advances made by the Seller’s Master Servicer. The Master Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being reimbursements for unpaid Master Servicing Fees shall be limited to late collections on the related Mortgage Loan, including Liquidation Proceeds, Condemnation Released Mortgaged Property Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, Loan in the case respect of any which such reimbursement, the Seller’s reimbursed amounts are owed. The Master Servicer's right thereto to reimbursement for unreimbursed Monthly Advances shall be prior limited to the rights of the Purchaser unless the Seller is required to repurchase a late collections on any Mortgage Loan pursuant and to Subsection 7.03Liquidation Proceeds, Released Mortgaged Property Proceeds, Insurance Proceeds and any purchase or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the repurchase proceeds on related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage LoanLoans;
(div) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself withdraw any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on Account that were not required to be deposited therein (such investmentsas Master Servicing Compensation) or were deposited therein in error and to pay such funds to the appropriate Person;
(hv) to withdraw any amounts inadvertently deposited reimburse the Master Servicer for expenses incurred by it in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 7.03 hereof provided that such amount shall only be withdrawn following the withdrawal from the Custodial AccountAccount for deposit into the Distribution Account pursuant to clause (i) above; and
(ivi) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, Agreement and to pay any amounts remaining therein to the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Accountapplicable Class R Certificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Financial Asset Se Cp Soundview Hm Eq Ln as Bk Cer Se 2001-1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date, shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account or Funding Account, as applicable, to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date; prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans, to pay to GMACM the amount of any Additional Balances as and when created during the related Collection Period, and, prior to the commencement of the Managed Amortization Period, to pay to the related Seller the Purchase Price of any Subsequent Mortgage Loans on the related Subsequent Transfer Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01reserved;
(f) [reserved]to deposit into the Reserve Account in accordance with Section 3.05(a)(ix) of the Indenture, the amounts set forth in Section 3.20;
(g) to the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any (i) interest or investment income earned or any investment earnings on funds deposited in the Custodial AccountAccount that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01, net of any losses on such investmentsand (ii) Foreclosure Profits (to the extent permitted by law);
(h) to withdraw pay to itself or the Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts inadvertently deposited in received thereon and not required to be distributed to Securityholders as of the Custodial Account; anddate on which the related Purchase Price or Repurchase Price is determined;
(i) to clear and terminate withdraw any other amount deposited in the Custodial Account upon that was not required to be deposited therein pursuant to Section 3.02;
(j) to pay to itself, with respect to any Mortgage Loan for which it has made an advance of delinquent principal and/or interest, any previously unreimbursed advances of such amounts theretofore made to the termination extent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(k) to reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.17(c) or Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(l) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xiv) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(m) to reimburse itself for advances of delinquent principal and/or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (j) of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial AccountSection 3.
Appears in 1 contract
Samples: Servicing Agreement (Residential Asset Mortgage Products Inc)
Withdrawals From the Custodial Account. The Seller Seller/Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Seller/Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller/Servicer from the Mortgagor or late payments relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller/Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller/Servicer is required to repurchase a Mortgage Loan, pursuant to Subsection 6.03, the Seller/Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 6.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s /Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Seller/Servicer as late payments from the related Mortgagor or otherwise relating to the Mortgage LoanMortgagor, it being understood that, in the case of any such reimbursement, the Seller’s /Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller Seller/Servicer is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.156.03, in which case the Seller’s /Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, in accordance with Subsection 11.17, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Seller/Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Seller/Servicer pursuant to Subsection 7.036.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating The Seller/Servicer shall maintain records sufficient to Servicing Advances that have been reimbursed justify on a Mortgage Loan-by-Mortgage Loan basis any withdrawal from the Custodial AccountAccount pursuant to Sections 11.05(b), (c), and (e) hereof.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Mortgage Investments Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to close of business on the Business Day prior to the Purchaser related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account, Funding Account or Reserve Sub-Account, as applicable, to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date; prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans, and, if Principal Collections are not sufficient, from Excess Spread, to pay to GMACM the amount of any Additional Balances as and when created during the related Collection Period, and, prior to the commencement of the Managed Amortization Period, to pay to the related Seller the Purchase Price of any Subsequent Mortgage Loans on the related Subsequent Transfer Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01reserved;
(f) [reserved];
(g) to the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any (i) interest or investment income earned or any investment earnings on funds deposited in the Custodial AccountAccount that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01, net of any losses on such investmentsand (ii) Foreclosure Profits (to the extent permitted by law);
(h) to withdraw pay to itself or the Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts inadvertently deposited in received thereon and not required to be distributed to Securityholders as of the Custodial Account; anddate on which the related Purchase Price or Repurchase Price is determined;
(i) to clear and terminate withdraw any other amount deposited in the Custodial Account upon that was not required to be deposited therein pursuant to Section 3.02;
(j) to pay to itself, with respect to any Mortgage Loan for which it has made an advance of delinquent principal and/or interest, any previously unreimbursed advances of such amounts theretofore made to the termination extent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(k) to reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.17(c) or Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(l) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(m) to reimburse itself for advances of delinquent principal and/or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (j) of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial AccountSection 3.
Appears in 1 contract
Samples: Servicing Agreement (Residential Asset Mortgage Products Inc)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, in accordance with Subsection 11.16, to the extent that such txx xxxxxx xxxx xuch amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;; -39-
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sunset Financial Resources Inc)
Withdrawals From the Custodial Account. The Seller [Master] Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(ai) to make payments deposit in the Payment Account, on the Business Day prior to each Payment Date, an amount equal to the Purchaser in the amounts interest collections and in the manner provided for in Subsection 11.15principal collections required to be distributed on such Payment Date;
(bii) [reserved]prior to either an Amortization Event or the Collection Period preceding the end of the Revolving Period, to pay to the Seller, the amount of any Additional Balances as and when created during the related Collection Period, provided, that the aggregate amount so paid to the Seller in respect of Additional Balances at any time during any Collection Period shall not exceed the amount of principal collections theretofore received for such Collection Period.
(iii) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement (to the extent not payable pursuant to Section 3.09), such withdrawal right being limited to amounts received on particular Mortgage Loans (other than any Repurchase Price in respect thereof) which represent late recoveries of the payments for which such advances were made, or from related Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loan;
(civ) to reimburse pay to itself for out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Master Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any unpaid Servicing Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(v) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned on funds deposited in the Custodial Account and for unreimbursed Servicing AdvancesPayment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(vi) to the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any Foreclosure Profits (to the extent permitted by law);
(vii) to pay to itself or the Seller’s right to reimburse itself pursuant to this subclause (c) , with respect to any Mortgage Loan being or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the [Master] Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(viii) to withdraw any other amount deposited in the Custodial Account that was not required to be deposited therein pursuant to Section 3.02;
(ix) to pay to the Seller the amount, if any, deposited in the Custodial Account by the Indenture Trustee upon release thereof from the Funding Account representing payments for Additional Loans; and
(x) after the occurrence of an Amortization Event, to pay to the Seller, the Excluded Amount. Since, in connection with withdrawals pursuant to clauses (iii), (iv), (vi) and (vii), the [Master] Servicer's entitlement thereto is limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such collections or other amounts as may be collected by the Seller from recoveries on the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood thatthe [Master] Servicer shall keep and maintain separate accounting, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to Subsection 7.03such clauses. Notwithstanding any other provision of this Servicing Agreement, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement [Master] Servicer shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) entitled to reimburse itself for any previously unreimbursed Servicing Advances, expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the extent terms of this Servicing Agreement that such amounts are the [Master] Servicer determines to be otherwise nonrecoverable (as certified by the Seller except with respect to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the any Mortgage Loan for as to which such advances were made is not required to be repurchased the Repurchase Price has been paid), by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate withdrawal from the Custodial Account upon of amounts on deposit therein attributable to the termination Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Accountsuch determination.
Appears in 1 contract
Samples: Servicing Agreement (Homepride Mortgage Finance Corp)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 11.01;
(b) [reserved]to temporarily reimburse itself for advances of Servicer funds made pursuant to Section 11.03, provided that the Servicer shall replenish the amount of the temporary reimbursement prior to the Remittance Date on which such funds are required to be distributed, and to permanently reimburse itself from amounts received on the related Mortgage Loan which represent payments of principal and/or interest respecting which any such advance was made with Servicer funds or was made with funds held for a future distribution and replenished with Servicer funds, except that, where Servicer as Seller or Servicer is required to repurchase a Mortgage Loan pursuant to Section 6.03, Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Section 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself first for all unreimbursed Servicing Advances, second for unreimbursed advances of Servicer funds made pursuant to Section 11.03, and third for any unpaid Servicing Fees and for unreimbursed Servicing AdvancesFees, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceedscondemnation proceeds, Insurance Proceeds amounts representing proceeds of insurance policies covering the related Mortgaged Property and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, including amounts recovered from the disposition of the related REO Property, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Servicer as Seller or Servicer is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 6.03, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price repurchase price pursuant to Subsection 7.03, Section 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for all unreimbursed Servicing Advances, advances of Servicer funds made pursuant to Section 11.03 and unpaid Servicing Fees to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Servicer as Seller or Servicer pursuant to Subsection 7.03Section 6.03, and, except to the extent such advances are deemed nonrecoverable, to reimburse itself for such amounts to the extent that such amounts are not recovered from the disposition of REO Property pursuant to Section 10.17 hereof or otherwise pursuant to subclause (c) above or in this subclause (d);
(e) to reimburse itself for subsequent trailing bills related to a previously disposed of REO Property in which distribution of the net cash proceeds has occurred;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]Section 13.01;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentswithdrawal to be made monthly not later than the Remittance Date;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and;
(i) to clear and terminate the Custodial Account upon the termination of this Agreement;
(j) to withdraw Servicing Fees to the extent deposited therein; and
(k) to reimburse itself for payments remitted or advances made for which there has been a reduction in the amount of interest collectible for such related Prepayment Period as a result of the Servicemembers Relief Act or any similar state law. Upon request, the Seller Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account. On each Remittance Date, Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to Section 11.01(c) and (d), Servicer is not obligated to remit on such Remittance Date. Servicer may use such withdrawn funds only for the purposes described in this Section 10.10.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase and Servicing Agreement (Sequoia Mortgage Trust 2010-H1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will Servicer shall provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser or its designee in the amounts and in the manner provided for in Subsection 11.15;
(b) [reservedReserved];
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser or its designee of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser or its designee with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser or its designee in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reservedReserved];
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser or its designee with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances and P&I Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Interim Servicing Agreement (Jpmac 2006-Fre2)
Withdrawals From the Custodial Account. The Seller Servicing Administrator shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser or its designee in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicing Administrator’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicing Administrator from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicing Administrator’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicing Administrator’s right to such reimbursement shall be subsequent to the payment to the Purchaser or its designee of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicing Administrator’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicing Administrator from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicing Administrator’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicing Administrator’s right to such reimbursement shall be subsequent to the payment to the Purchaser or its designee of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser or its designee with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicing Administrator to the Purchaser or its designee in an Officer’s Certificate) by the Seller Servicing Administrator pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay any LPMI Fee then due and payable;
(h) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(hi) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(ij) to clear and terminate the Custodial Account upon the termination of this Agreement. Notwithstanding the foregoing, it is understood that the Servicing Administrator’s right to reimbursement pursuant to (b), (c), and (d) above with respect to a final liquidation of a Mortgage Loan shall be subject to the Servicing Administrator providing documentation in the form of Exhibit 14 to the Purchaser within ninety (90) days of final liquidation of such Mortgage Loan and the Purchaser’s approval thereof. The Purchaser shall provide such approval or denial to the Servicing Administrator no later than thirty (30) days after receipt of such Exhibit 14 and all supporting documentation. Upon receipt by the Servicing Administrator of any approval or denial by the Purchaser, the Servicing Administrator shall be entitled to reimburse itself for the approved amounts. Upon request, the Seller Servicing Administrator will provide the Purchaser or its designee with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances and P&I Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Servicing Agreement (Five Oaks Investment Corp.)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to close of business on the Business Day prior to the Purchaser related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account, Funding Account or Reserve Sub-Account, as applicable, to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date; prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans, and, if Principal Collections are not sufficient, from Excess Spread, to pay to GMACM the amount of any Additional Balances as and when created during the related Collection Period, and, prior to the commencement of the Managed Amortization Period, to pay to the related Seller the Purchase Price of any Subsequent Mortgage Loans on the related Subsequent Transfer Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or a Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance of delinquent principal or interest, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances of delinquent principal or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (e), (f) and terminate (h), the Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Servicing Agreement (Gmacm Home Equity Loan Trust 2005-He1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.1511.14;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent in accordance with Subsection 11.10, xx xxx xxxxxx that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Loans for the following purposes:
(ai) to make payments deposit in the Payment Account, seven days prior to each Payment Date (or if such day is not a Business Day, the immediately preceding Business Day), an amount equal to the Purchaser in Interest Remittance Amount (excluding any payments under the amounts Yield Maintenance Agreement that were received by the Indenture Trustee) and in the manner provided for in Subsection 11.15Principal Remittance Amount required to be distributed on such Payment Date;
(bii) [reserved];
(c) to the extent deposited to the Custodial Account, to reimburse itself or the related Subservicer for any unpaid Servicing Fees and for previously unreimbursed Servicing Advances, the Seller’s right to reimburse itself expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Servicing Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) which represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan payments for which such advances were made is not required to be repurchased by made, or from related Liquidation Proceeds or the Seller pursuant to Subsection 7.03proceeds of the purchase of such Loan;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved];
(giii) to pay to itself out of each payment received on account of interest on a Loan as contemplated by Section 3.09, an amount equal to the related Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer any Subservicing Fees not previously withheld by the Subservicer;
(iv) to the extent deposited in the Custodial Account to pay to itself as additional servicing compensation any interest or investment income earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentsAccount and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;
(hv) to pay to itself or the Seller, with respect to any Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined; and
(vi) to withdraw any amounts inadvertently other amount deposited in the Custodial Account; and
Account that was not required to be deposited therein pursuant to Section 3.02. Since, in connection with withdrawals pursuant to clauses (iii), (iii), (iv) and (v), the Servicer’s entitlement thereto is limited to clear collections or other recoveries on the related Loan, the Servicer shall keep and terminate maintain separate accounting, on a Loan by Loan basis, for the purpose of justifying any withdrawal from the Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Servicing Agreement. Upon request, the Seller will provide Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Servicing Agreement that the Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servicing Advances, second for uxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Seller’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Seller funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Section 3.03, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecoverable from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price);
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any amounts inadvertently deposited in the Custodial AccountNonrecoverable Advance or Advances; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Seller is not obligated to remit on such Remittance Date. The Seller may use such withdrawn funds only for the purposes described in this Section 4.05.
Appears in 1 contract
Samples: Mortgage Loan Flow Purchase, Sale, and Servicing Agreement (Sequoia Mortgage Trust 2007-1)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for uxxxxxxxxxxx X&X Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, Repurchase Price amounts and such other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds Proceeds, Repurchase Price amounts and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller Servicer is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for P&I Advances and Servicing Advances that were added to the outstanding principal balance of a Mortgage Loan in connection with a modification of such Mortgage Loan to capitalize arrearages; provided, that the Servicer shall be entitled to be reimbursed for these amounts only from the principal collections on the Mortgage Loans;
(f) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(fg) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(gh) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(hi) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(ij) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent that such amounts are nonrecoverable xxxxxxxxxxxxxe (as certified by the Seller Servicer to the Purchaser in an Officer’s 's Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corp)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date, shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans in the related Loan Group, to pay to the Seller the amount of any Additional Balances as and when created during the related Collection Period, and, prior to the commencement of the Managed Amortization Period, the Purchase Price of any Subsequent Mortgage Loans on the related Subsequent Transfer Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) prior to reimburse itself the commencement of the Managed Amortization Period, to deposit Principal Collections for expenses incurred by and reimbursable either Loan Group into the Funding Account to it pursuant to Subsection 12.01the extent not otherwise applied toward the purchase of Additional Balances or Subsequent Mortgage Loans;
(f) [reserved]to deposit into the Reserve Account in accordance with Section 3.05(a)(vii) of the Indenture, the amounts set forth in Section 3.20;
(g) to the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any (i) interest or investment income earned or any investment earnings on funds deposited in the Custodial AccountAccount that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01, net of any losses on such investmentsand (ii) Foreclosure Profits (to the extent permitted by law);
(h) to withdraw pay to itself or the Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Servicer or other entity, all amounts inadvertently deposited in received thereon and not required to be distributed to Securityholders as of the Custodial Account; anddate on which the related Purchase Price or Repurchase Price is determined;
(i) to clear and terminate withdraw any other amount deposited in the Custodial Account upon that was not required to be deposited therein pursuant to Section 3.02;
(j) to pay to itself, with respect to any Mortgage Loan for which it has made an advance of delinquent principal and/or interest, any previously unreimbursed advances of such amounts theretofore made to the termination extent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(k) to reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.17(c) or Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(l) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xii) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(m) to reimburse itself for advances of delinquent principal and/or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (j) of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial AccountSection 3.
Appears in 1 contract
Samples: Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Withdrawals From the Custodial Account. The Seller shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(ai) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15Section 5.01;
(b) [reserved];
(cii) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing P&I Advances, the Seller’s 's right to reimburse itself pursuant to this subclause (cii) being limited to amounts received on the related Mortgage Loan that represent payments of principal and/or interest respecting which any such P&I Advance was made;
(iii) to reimburse itself first for unreimbursed Servic-ing Advances, second for xxxxxxxxxxxx X&X Advances, and third for any unpaid Servicing Fees, the Seller's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursementxxxx-bursement, the Seller’s 's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15Section 3.03, in which case the Seller’s 's right to such reimbursement shall be subsequent subse-quent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, Section 3.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(div) to reimburse itself for unreimbursed Servicing Advances, Advances and advances of Seller funds made pursuant to Section 5.03 to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (ciii) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Section 3.03, in which case the Seller's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Section 3.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan, and to reimburse itself for such amounts to the extent that such amounts are nonrecover-able from the disposition of REO Property pursuant to Section 4.14 hereof;
(ev) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Section 8.01;
(fvi) [reserved]to pay itself with respect to each Mortgage Loan repurchased pursuant to Section 3.03 all amounts collected in respect of such Mortgage Loan and remaining on deposit in the Custodial Account as of the date on which the related Repurchase Price is deposited into the Custodial Account (other than the amount of such Repurchase Price);
(gvii) to pay itself with respect to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investmentseach Mortgage Loan servicing compensation pursuant to Section 6.03;
(hviii) to withdraw reimburse itself for any amounts inadvertently deposited in the Custodial AccountNonrecoverable Advance or Advances; and
(iix) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon requestOn each Remittance Date, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed shall withdraw all funds from the Custodial AccountAccount except for those amounts which, pursuant to Section 5.01(a)(iv) and (v), the Seller is not obligated to remit on such Remittance Date. The Seller may use such with-drawn funds only for the purposes described in this Section 4.05.
Appears in 1 contract
Samples: Mortgage Loan Flow Purchase, Sale, and Servicing Agreement (Sequoia Mortgage Trust 2007-4)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller Servicer is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for uxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller Servicer will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
Withdrawals From the Custodial Account. The Seller Seller/Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for each xxxxxxxxxxxx X&X Advance provided, that with respect to any Mortgage Loan the Seller/Servicer’s right to reimbursement shall be limited to the funds collected by the Seller/Servicer from the related Mortgagor or any other Person, including, but not limited to, Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds, and with respect to REO Property, funds received as rental or similar income. The Seller/Servicer’s right to reimbursement set forth in the preceding sentence shall be prior to the rights of the Purchaser; provided however, that in the event that the Seller/Servicer determines in good faith that any xxxxxxxxxxxx X&X Advances will not be recoverable from amounts representing late recoveries of payments of principal or interest respecting the particular Mortgage Loan as to which such P&I Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to such Mortgage Loan, the Seller/Servicer may reimburse itself for such amounts from the Custodial Account, it being understood, in the case of any such reimbursement, that the Seller/Servicer’s right thereto shall be prior to the rights of the Purchaser;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller/Servicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Seller/Servicer as late payments from the related Mortgagor or otherwise relating to the Mortgage LoanMortgagor, it being understood that, in the case of any such reimbursement, the Seller/Servicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller Seller/Servicer is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.156.03, in which case the Seller/Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 6.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, in accordance with Subsection 11.17, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Seller/Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller Seller/Servicer pursuant to Subsection 7.036.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating The Seller/Servicer shall maintain records sufficient to Servicing Advances that have been reimbursed justify on a Mortgage Loan-by-Mortgage Loan basis any withdrawal from the Custodial AccountAccount pursuant to Sections11.05(b), (c), and (d) hereof.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;11.14; (b) to reimburse itself for P&I Advances, the Servicer's right to reimburse itself pursuant to this subclause
(b) [reserved]with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Purchaser, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 7.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s Servicer's right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s Servicer's right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for unreimbursed P&I Advances, to the extent in accordance with Subsection 11.16, tx xxx xxxxnt that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.16;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to the Purchaser close of business on the Business Day prior to the related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) to reimburse itself or the related Subservicer for previously unreimbursed Advances, Subservicer Advances or other expenses made pursuant to Sections [reserved__________________] or otherwise reimbursable pursuant to the terms of this Agreement, such withdrawal right being limited to amounts received on the related Mortgage Loans (including, for this purpose, REO Proceeds, Insurance Proceeds, Liquidation Proceeds and proceeds from the purchase of a Mortgage Loan pursuant to Section [__________________];) which represent (A) Late Collections of Monthly Payments for which any such advance was made in the case of Subservicer Advances or Advances pursuant to Section [____] and (B) recoveries of amounts in respect of which such advances were made in the case of Servicing Advances.
(c) to reimburse pay to itself any from monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any unpaid Servicing Fees and for unreimbursed Servicing Advancesperiod prior to the Cut-Off Date;
(d) to the extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(de) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01Subservicer;
(f) [reserved]to the extent deposited in the Custodial Account, to pay to itself as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(g) to pay to itself or the Seller, with respect to any interest earned Mortgage Loan or any investment earnings property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on funds deposited in which the Custodial Account, net of any losses on such investmentsrelated Purchase Price or Repurchase Price is determined;
(h) to withdraw any amounts inadvertently other amount deposited in the Custodial Account; andAccount that was not required to be deposited therein pursuant to Section 3.02;
(i) to clear reimburse itself or the related Subservicer for (1) any Nonrecoverable Advance, (2) any P&I Advance made with respect to a Mortgage Loan that is 90 or more days Delinquent or (3) any made in connection with a modified Mortgage Loan that is in default or, in the judgment of the Servicer, default is reasonably foreseeable pursuant to Section 3.07(a), to the extent the amount of the Advance was added to the Stated Principal Balance of the Mortgage Loan in a prior calendar month;
(j) to reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 3.18(c), to the extent not reimbursed from earnings received on the related investment at maturity;
(k) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xvi) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(l) to reimburse itself for Advances on a Mortgage Loan that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (b), (d) or (i) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (d), (e), (g) and terminate (j), the Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating pursuant to Servicing Advances that have been reimbursed from the Custodial Accountsuch clauses.
Appears in 1 contract
Samples: Servicing Agreement (Phoenix Residential Securities, LLC)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to close of business on the Business Day prior to the Purchaser related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Note Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Note Payment Account, Funding Account or Reserve Sub-Account, as applicable, to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date; prior to the commencement of the Rapid Amortization Period, from Principal Collections on the Mortgage Loans, and, if Principal Collections are not sufficient, from Excess Spread, to pay to GMACM the amount of any Additional Balances as and when created during the related Collection Period, and, prior to the commencement of the Managed Amortization Period, to pay to the related Seller the Purchase Price of any Subsequent Mortgage Loans on the related Subsequent Transfer Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or a Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to such Seller, the Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Servicer Advance of delinquent principal or interest, any previously unreimbursed Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear and terminate reimburse itself for the Custodial amount of any investment earnings advanced prior to maturity pursuant to Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account upon in accordance with Section 3.05(a)(xv) of the termination Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Servicer Advances of delinquent principal or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial AccountSection 3.
Appears in 1 contract
Samples: Servicing Agreement (Gmacm Home Equity Loan Trust 2004-He3)
Withdrawals From the Custodial Account. The Seller Servicer shall, from time to time during the Interim Servicing Periodtime, withdraw funds from the Custodial Account for the following purposes:
(a) to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;
(b) [reserved]to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself pursuant to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Purchaser with respect to such Mortgage Loan, except that, where the Seller is required to repurchase a Mortgage Loan, pursuant to Subsection 6.03 or 7.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to Subsection 6.03 or 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the SellerServicer’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and such other amounts as may be collected by the Seller Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the SellerServicer’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 6.03 or 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the SellerServicer’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, 6.03 or 7.03 and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(d) to reimburse itself for unreimbursed Servicing Advances and for xxxxxxxxxxxx X&X Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller Servicer to the Purchaser in an Officer’s Certificate) by the Seller Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the a Seller pursuant to Subsection 7.03;
(e) to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;
(f) [reserved]to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;
(g) to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;
(h) to withdraw any amounts inadvertently deposited in the Custodial Account; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement. Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Lehman XS Trust Series 2006-14n)
Withdrawals From the Custodial Account. The Seller Master Servicer shall, from time to time during the Interim Servicing Periodas provided herein, withdraw funds make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:
(a) on each Determination Date, the Master Servicer shall determine the aggregate amounts to make payments be withdrawn from the Custodial Account and applied pursuant to Section 3.05(a) of the Indenture and, prior to close of business on the Business Day prior to the Purchaser related Payment Date (provided, however, that the Indenture Trustee shall not be required to invest any amounts deposited into the Bond Payment Account after 1:00 p.m.), shall withdraw such amounts from the Custodial Account and deposit such amounts into the Bond Payment Account to be distributed by the Paying Agent in the amounts accordance with and in the manner provided order or priority set forth in Section 3.05(a) of the Indenture for such Payment Date, in Subsection 11.15accordance with the Servicing Certificate;
(b) [reserved]to pay to itself any monthly payments received from the Mortgagors, the amount of such payment that represents interest accrued on the related Mortgage Loan for any period prior to the Cut-Off Date;
(c) to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advancesthe extent deposited to the Custodial Account, the Seller’s right to reimburse itself or the related Subservicer for previously unreimbursed expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this subclause Agreement (c) with respect to any Mortgage Loan the extent not payable pursuant to Section 3.09), such withdrawal right being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such amounts received on particular Mortgage Loans (other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, than any Repurchase Price in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights respect thereof) that represent late recoveries of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03payments for which such advances were made, or from related Net Liquidation Proceeds or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser proceeds of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to purchase of such Mortgage Loan;
(d) to reimburse pay to itself for unreimbursed out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09, an amount equal to the related Servicing Advances, Fee and the Recovery Fee (to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller not retained pursuant to subclause (c) aboveSection 3.02 or 3.07), provided that the Mortgage Loan for which and to pay to any Subservicer any subservicing fees not previously withheld by such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03Subservicer;
(e) to reimburse the extent deposited in the Custodial Account, to pay to itself for expenses incurred by and reimbursable as additional servicing compensation any (i) interest or investment income earned on funds deposited in the Custodial Account that it is entitled to it withdraw pursuant to Subsection 12.01Sections 3.02(b) and 5.01, and (ii) Foreclosure Profits (to the extent permitted by law);
(f) [reserved]to pay to itself or the Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been purchased or otherwise transferred to the Seller, the Master Servicer or other entity, all amounts received thereon and not required to be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;
(g) to pay to itself withdraw any interest earned or any investment earnings on funds other amount deposited in the Custodial Account, net of any losses on such investmentsAccount that was not required to be deposited therein pursuant to Section 3.02;
(h) to withdraw pay to itself, with respect to any Mortgage Loan for which it has made a Master Servicer Advance of delinquent principal and/or interest, any previously unreimbursed Master Servicer Advances of such amounts inadvertently deposited in theretofore made to the Custodial Account; andextent of receipts of late recoveries of such payments from the related Mortgagors, out of related Net Liquidation Proceeds or the proceeds of the purchase of such Mortgage Loans;
(i) to clear reimburse itself for the amount of any investment earnings advanced prior to maturity pursuant to Section 5.01, to the extent not reimbursed from earnings received on the related investment at maturity;
(j) at its option, for so long as it is the sole Certificateholder, to pay to itself from amounts otherwise required to be remitted to the Distribution Account in accordance with Section 3.05(a)(xv) of the Indenture, all amounts payable to it as a Certificateholder on the related Payment Date, and
(k) to reimburse itself for Master Servicer Advances of delinquent principal and/or interest on a Mortgage Loan or other advances that are made pursuant to this Agreement that are not reimbursed pursuant to clauses (c) or (h) of this Section 3.03. Since, in connection with withdrawals pursuant to clauses (c), (d), (e), (f) and terminate (h), the Master Servicer’s entitlement thereto is limited to collections or other recoveries on the related Mortgage Loan, 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 Custodial Account upon the termination pursuant to such clauses. Notwithstanding any other provision of this Agreement. Upon request, the Seller will provide Master Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred pursuant to Section 3.07 or otherwise reimbursable pursuant to the Purchaser terms of this Agreement that the Master Servicer determines to be otherwise nonrecoverable (except with copies of reasonably acceptable invoices or other documentation relating respect to Servicing Advances that have any Mortgage Loan as to which the Repurchase Price has been reimbursed paid), by withdrawal from the Custodial AccountAccount of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of such determination.
Appears in 1 contract
Samples: Master Servicing Agreement (BellaVista Finance CORP)