Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate; (iii) all Net Liquidation Proceeds and Subsequent Recoveries; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.15, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; (v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and (vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.09. The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made. (b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof. (c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account: (i) any P&I Advances, as required pursuant to Section 4.01; (ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters; (iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01; (iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and (v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor. (d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust), Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust), Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and the amount required to maintain the Primary Insurance Policy;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a cash liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(e). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer related REMICs and the Trustee on any amount not timely remitted from and including Grantor Trust in accordance with the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeREMIC distributions set forth in Section 4.10.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties and premiums or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties or premiums, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23, 3.28 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Funding Corp), Pooling and Servicing Agreement (Residential Asset Funding Corp)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Final Recovery Determination;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(vi) all Subsequent Recoveries; and
(vivii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (C-Bass MTG Ln as Bk Cert Ser 2004-Cb4), Pooling and Servicing Agreement (C-Bass MTG Ln as Bk Cert Ser 2004-Cb4)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer related REMICs and the Trustee Grantor Trust in accordance with the REMIC distributions set forth in Section 4.08. Funds on any amount not timely remitted from and including deposit in the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeDistribution Account will remain uninvested.
(bc) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of certifying the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time in writing request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-1), Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb3)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and the Fixed Retained Yield;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer related REMICs and the Trustee on any amount not timely remitted from and including Grantor Trust in accordance with the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeREMIC distributions set forth in Section 4.10.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties and premiums or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties or premiums, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23, 3.28 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.15 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp), Pooling and Servicing Agreement (Asset Backed Funding Corp)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.the
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass 2004-Cb8 Trust)
Collection Account and Distribution Account. (a) The Pursuant to Section 4.04 the Servicing Agreement, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall will establish and maintain one or more accounts (each such account or accounts, a “Collection Accounts. Each Collection Account Account”), held in trust for the benefit of the Trustee and the Certificateholders, in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be an Eligible Account. The Servicer shall deposit deposited within the time specified in the Collection Account Servicing Agreement of receipt all collections of principal and interest on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date any Mortgage Loan with respect to any REO Property received by the Mortgage Loans:
(i) all payments on account of principalServicer, including Principal PrepaymentsPayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries;
(iv) all Insurance Proceeds including Proceeds, amounts required to be deposited pursuant in connection with Permitted Investments and blanket policy deductibles, Substitution Shortfall Amounts and such other amounts as required by the Servicing Agreement. The Servicer is hereby authorized to Section 3.15, other than proceeds to be held in the Escrow Account make withdrawals from and applied deposits to the restoration Collection Account for purposes required or repair permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Collection Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of the Mortgaged Property or released Collection Account, the contents of which are acceptable to the Mortgagor parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;provisions of Section 11.01 hereof.
(va) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.09. The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Trust Fund and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Securities Administrator in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to certain amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments certain times in accordance with Section 5.01 of the provisions set forth in Section 3.09Servicing Agreement. The Servicer Securities Administrator shall give notice to the Servicer, NIMS Insurer, if any, the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof. The funds on deposit in the Distribution Account shall be held uninvested.
(cb) Pursuant to the Servicing Agreement, funds held in a Collection Account at any time may be delivered by the Servicer to the Securities Administrator for deposit into the account specified in the Servicing Agreement and for all purposes of this Agreement shall be deemed to be a part of such Collection Account until the Servicer Remittance Date when such amounts are required to be deposited into the Distribution Account; provided, however, that the Securities Administrator shall have the sole authority to withdraw any funds held pursuant to this subsection. In the event that the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Securities Administrator withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, pursuant to the Servicing Agreement the Servicer shall deliver to the Trustee Securities Administrator from time to time for depositdeposit and in any event shall remit all such amounts no later than the Servicer Remittance Date, and the Trustee Securities Administrator shall so deposit, in the Distribution Account:
(i) any P&I Monthly Advances, as required pursuant to Section 4.015.01 of the Servicing Agreement;
(ii) any Stayed Funds, as soon as permitted by amounts required to be deposited pursuant to 5.01 of the federal bankruptcy court having jurisdiction Servicing Agreement in such mattersconnection with any REO Property;
(iii) any Prepayment Charges or amounts to be paid by the Servicer in connection with a purchase of the waiver Mortgage Loans and REO Properties pursuant to Section 8.22 of such Prepayment Charges, in each case the Servicing Agreement; and
(iv) any related amounts required to be deposited pursuant to Section 3.01;
(iv4.04(i) any amounts required to be deposited in of the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 Servicing Agreement in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforCompensating Interest.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling Agreement (Jpmac 2006-Cw1)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two three Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13; and
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any of the Mortgage Loans. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges penalties that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, (i) that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, (ii) the amount of all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any failure by of the Mortgage Loans then on deposit in the Collection Account (other than any such Prepayment Charges received after the related Prepayment Period) and (iii) any Servicer to make any remittance required to Prepayment Charge Payment Amount that became due during the related Prepayment Period. These amounts may be made by the Servicer to sent via a single combined wire transfer. Except as otherwise provided in Section 3.04(f), amounts in the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at related REMICs in accordance with the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeREMIC distributions set forth in Section 4.09.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee and the Securities Administrator of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Servicer, the Securities Administrator and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp 2002 Wf1 Trust)
Collection Account and Distribution Account. (a) The Pursuant to the Servicing Agreement, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall will establish and maintain one or more accounts (each such account or accounts, a “Collection Accounts. Each Collection Account Account”), held in trust for the benefit of the Trustee and the Certificateholders, in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be an Eligible Account. The Servicer shall deposit deposited within the time specified in the Collection Account Servicing Agreement of receipt all collections of principal and interest on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date any Mortgage Loan with respect to any REO Property received by the Mortgage Loans:
(i) all payments on account of principalServicer, including Principal PrepaymentsPayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries;
(iv) all Insurance Proceeds including Proceeds, amounts required to be deposited pursuant in connection with Permitted Investments and blanket policy deductibles, Substitution Shortfall Amounts and such other amounts as required by the Servicing Agreement. The Servicer is hereby authorized to Section 3.15, other than proceeds to be held in the Escrow Account make withdrawals from and applied deposits to the restoration Collection Account for purposes required or repair permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Collection Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of the Mortgaged Property or released Collection Account, the contents of which are acceptable to the Mortgagor parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;provisions of Section 11.01 hereof.
(va) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.09. The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Trust Fund and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Securities Administrator in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to certain amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments certain times in accordance with Section 5.01 of the provisions set forth in Section 3.09Servicing Agreement. The Servicer Securities Administrator shall give notice to the Servicer, NIMS Insurer, if any, the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof. The funds on deposit in the Distribution Account shall be held uninvested.
(cb) Pursuant to the Servicing Agreement, funds held in a Collection Account at any time may be delivered by the Servicer to the Securities Administrator for deposit into the account specified in the Servicing Agreement and for all purposes of this Agreement shall be deemed to be a part of such Collection Account until the Servicer Remittance Date when such amounts are required to be deposited into the Distribution Account; provided, however, that the Securities Administrator shall have the sole authority to withdraw any funds held pursuant to this subsection. In the event that the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Securities Administrator withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, pursuant to the Servicing Agreement the Servicer shall deliver to the Trustee Securities Administrator from time to time for depositdeposit and in any event shall remit all such amounts no later than the Servicer Remittance Date, and the Trustee Securities Administrator shall so deposit, in the Distribution Account:
(i) any P&I Monthly Advances, as required pursuant to Section 4.015.01 of the Servicing Agreement;
(ii) any Stayed Funds, as soon as permitted by amounts required to be deposited pursuant to 5.01 of the federal bankruptcy court having jurisdiction Servicing Agreement in such mattersconnection with any REO Property;
(iii) any Prepayment Charges or amounts to be paid by the Servicer in connection with a purchase of the waiver Mortgage Loans and REO Properties pursuant to Section 8.22 of such Prepayment Charges, in each case the Servicing Agreement; and
(iv) any related amounts required to be deposited pursuant to Section 3.01;
(iv4.04(i) any amounts required to be deposited in of the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 Servicing Agreement in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforCompensating Interest.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling Agreement (Jpmac 2006-Cw1)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated accounts (collectively, the "Collection AccountsAccount"), in which the funds described below are to be deposited and held on behalf of the Trustee in trust for the benefit of the Certificateholders. Each account that constitutes the Collection Account shall be an Eligible Account. The Servicer shall notify the Trustee in writing of the name and address of the depository institution at which the Collection Account is maintained, the account number of the Collection Account and any changes in such name, address or account number. The Servicer shall deposit or cause to be deposited in the Collection Account Account, on a daily basis the same Business Day as soon receipt (in the case of payments by Borrower or other collections on the Mortgage Loan) or as proper cash application can be determined, generally within two Business Days of receipt, and retain thereinotherwise required hereunder, the following payments and collections received or made by it after or on behalf of the Cut-off Date with Servicer in respect of the Mortgage Loan subsequent to the Settlement Date (other than in respect of scheduled payments of principal and interest due and payable on the Mortgage Loans:Loan on or before the Settlement Date, which payments shall be delivered promptly to the Depositor or its designees, with negotiable instruments endorsed as necessary and appropriate without recourse):
(i) all payments payments, or transfers from Reserve Accounts constituting debt service reserve accounts, on account of principalprincipal of the Mortgage Loan, including Principal Prepayments, on the Mortgage Loansprincipal prepayments;
(ii) all payments payments, or transfers from Reserve Accounts constituting debt service reserve accounts, on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateLoan, including Default Interest;
(iii) all Net Liquidation Proceeds and Subsequent Recoverieslate payment charges received in respect of the Mortgage Loan;
(iv) all Insurance Proceeds, Condemnation Proceeds including and Liquidation Proceeds received in respect of the Mortgage Loan;
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.15, other than proceeds 3.06 in connection with losses incurred with respect to be Permitted ------------ Investments of funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer or the Special Servicer pursuant to Section 3.07(b) in connection with losses resulting --------------- from a deductible clause in a blanket or master force place hazard policy;
(vii) any REO Property pursuant amounts required to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest transferred from the Collection REO Account pursuant to Section 3.093.16(c); ---------------
(viii) any Prepayment Consideration received in respect of the Mortgage Loan; and
(ix) insofar as they do not constitute Escrow Payments, any amounts paid by a Borrower specifically to cover items for which a Servicing Advance has been made. The foregoing requirements for deposit from in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of . Notwithstanding the foregoing, actual payments from the Borrower of Escrow Payments, amounts to be deposited in the nature of late payment chargesReserve Accounts, prepayment charges amounts that are not Prepayment Chargesthe Servicer is entitled to retain as Additional Servicing Compensation pursuant to Section 3.11(c) and amounts that the Special Servicer --------------- is entitled to retain as Additional Special Servicing Compensation pursuant to Section 3.11(e), and assumption fees need not be deposited by the Servicer in the Collection --------------- Account. On behalf of If the Trust FundServicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain one or more segregated accounts (such account or accountscollectively, the “"Distribution Account”"), to be held in trust for the -------------------- benefit of the Certificateholders. On behalf Each account that constitutes the Distribution Account shall be an Eligible Account. Not later than 2:00 p.m. (New York City time) on each Servicer Remittance Date, the Servicer shall deliver to the Trustee, for deposit in the Distribution Account, an aggregate amount of immediately available funds equal to the Trust FundServicer Remittance Amount for such Servicer Remittance Date. In addition, not later than 2:00 p.m. (New York City time) on each Servicer Remittance Date, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance P&I Advances required to be made by the Servicer hereunder. Furthermore, any amounts paid by any party hereto to indemnify the Trust Fund pursuant to any provision hereof shall be delivered to the Trustee for deposit in the Distribution Account. The Trustee shall, upon receipt, deposit in the Distribution Account on the day any and all amounts received or, pursuant to Section 4.03, advanced by the time such remittance is Servicer, the Trustee or ------------ the Fiscal Agent that are required to be made under by the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to be deposited therein. If the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amountAccount, any provision herein to the contrary notwithstanding.
(c) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions of Section 3.06. In addition, Funds in the ------------ Distribution Account shall remain uninvested. The Servicer shall deliver give notice to the other parties hereto of the location of the Collection Account as of the Settlement Date and of the new location of the Collection Account prior to any change thereof. The Distribution Account shall be established at the Corporate Trust Office of the Trustee from time to time for depositas of the Settlement Date, and the Trustee shall so deposit, in give notice to the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by other parties hereto of the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver new location of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant prior to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforchange thereof.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveries;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.073.04, 3.173.15, 3.27 3.16, 3.22 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates Series 2005-Cb1)
Collection Account and Distribution Account. (a) The On behalf of the Trust Fund, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts, held in trust for the benefit of the Trustee and the Certificateholders. Each Collection Account shall be an Eligible Account. The On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within and in no event later than two Business Days of after receipt, as and retain thereinwhen received or as otherwise required hereunder, the following payments and collections received or made by it after on or subsequent to the Cut-off Date with respect other than amounts attributable to a Due Date on or prior to the Mortgage LoansCut-off Date or payments received by it on or prior to the Cut-off Date, but allocable to a Due Period subsequent thereto:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments (but not Prepayment Charges), on the Mortgage Loans;
(ii) all payments on account of interest on (net of the Mortgage Loans adjusted to the Mortgage Interest Rate less the related Servicing Fee Rateand any Prepayment Interest Excess) on each Mortgage Loan;
(iii) all Net Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property) and all Subsequent Recoveries;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.15, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer pursuant to Section 3.10 in connection with any REO Property pursuant losses realized on Permitted Investments with respect to Section 3.13. Any interest paid on funds deposited held in the Collection Account, subject ;
(v) any amounts required to Section 3.14, shall accrue be deposited by the Servicer pursuant to the benefit second paragraph of Section 3.11(a) in respect of any blanket policy deductibles;
(vi) any Repurchase Price or Substitution Shortfall Amount delivered to the Servicer and all proceeds (net of amounts payable or reimbursable to the Servicer, the Master Servicer, the Trustee, the Custodian or the Securities Administrator) of Mortgage Loans purchased in accordance with Section 2.03, Section 3.13 or Section 10.01; and
(vii) any Prepayment Charges collected by the Servicer and the Servicer shall be entitled to retain and withdraw such interest from Prepayment Charge Payment Amounts in connection with the Collection Account pursuant to Section 3.09Principal Prepayment of any of the Mortgage Loans. The foregoing requirements for deposit from in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees or other similar fees need not be deposited by the Servicer in the Collection Account and may be retained by the Servicer as additional compensation. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account. , any provision herein to the contrary notwithstanding.
(b) On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Trustee, the Trust Fund and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Securities Administrator in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on or before the Servicer Remittance Date, that portion of the Available Funds Distribution Amount (calculated without regard to the references in the definition thereof to amounts that may be deposited to withdrawn from the Distribution Account) for the related Distribution Date then on deposit in the Collection Account from a different source as provided herein) and the amount of all Prepayment Charges collected by the Servicer in connection with the Principal Prepayment of any of the Mortgage Loans then on deposit in the Collection Account; provided. If the balance on deposit in the Collection Account exceeds $100,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account," the Servicer shall, furtheron or before 5:00 p.m. New York time on such Business Day, in connection with withdraw from the Collection Account any failure and all amounts payable or reimbursable to the Depositor, the Servicer, the Trustee, the Master Servicer, the Securities Administrator or the Seller pursuant to Section 3.09(a) and shall pay such amounts to the Persons entitled thereto. With respect to any remittance received by the Securities Administrator on or after the first Business Day following the Business Day on which such payment was due, the Securities Administrator shall send written notice thereof to the Servicer. The Servicer shall pay to the Securities Administrator interest on any such late payment by the Servicer at an annual rate equal to make any remittance required to Prime Rate (as defined in the Wall Street Journal) plus one percentage point, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be made paid by the Servicer to the Distribution Account Securities Administrator on the day date such late payment is made and by shall cover the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including period commencing with the day following such remittance was required to be made to, but not including, first Business Day and ending with the day Business Day on which such remittance was actually payment is made, both inclusive. The payment by the Servicer of any such interest, or the failure of the Securities Administrator to notify the Servicer of such interest, shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Servicer.
(bc) Funds in the Collection Account maintained by the Servicer and funds in the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.10. The Servicer shall give notice to the Securities Administrator and the Master Servicer, and, upon request, the Master Servicer shall give notice to the Trustee and the Depositor, of the location of the Collection Account maintained by it the Servicer when established and prior to any change thereof. The Trustee Securities Administrator shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) Funds held in the Collection Account maintained by the Servicer at any time may be delivered by the Servicer in immediately available funds to the Securities Administrator for deposit in the Distribution Account. In the event the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Securities Administrator withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In no event shall the Securities Administrator incur liability as a result of withdrawals from the Distribution Account at the direction of the Servicer in accordance with the immediately preceding sentence. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and Securities Administrator no later than the Trustee shall so deposit, Servicer Remittance Date the amounts set forth in the Distribution Accountclauses (i) through (iv) below:
(i) any P&I Advances, as required pursuant to Section 4.015.03;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.013.21(d) or 3.21(f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01; and
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.22 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforPrepayment Interest Shortfalls.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Sg Mortgage Securities Trust 2006-Fre2)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee Certificate Administrator shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Certificate Administrator in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer related REMICs and the Trustee on any amount not timely remitted from and including Grantor Trust in accordance with the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeREMIC distributions set forth in Section 4.08.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee Certificate Administrator of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee Certificate Administrator shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee Certificate Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Certificate Administrator withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee Certificate Administrator from time to time for deposit, and the Trustee Certificate Administrator shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee Certificate Administrator shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Certificate Administrator shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25(b) in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C Bass Mortgage Loan Asset Backed Certs Ser 2002 Cb1)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection AccountsAccounts and a Payment Clearing Account, held in trust for the benefit of the Trustee, the Guarantor and the Certificateholders. Each Collection Account shall be an Eligible Account. All funds collected or received by the Servicer shall be deposited initially into a Payment Clearing Account within one Business Day of receipt. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two one Business Days Day of receiptdeposit in the Payment Clearing Account, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and the amount required to maintain any related Primary Insurance Policy;
(iii) all Net Liquidation Proceeds and Subsequent RecoveriesProceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13; and
(vii) any amounts required to be paid by the Servicer as a result of a breach of the Servicer’s obligations under Section 3.22. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the CertificateholdersCertificateholders and the Guarantor. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Guarantor and the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Servicer, the Guarantor and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties and premiums or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23, 4.07 or 4.0110.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Funding Corp)
Collection Account and Distribution Account. (a) The Pursuant to Section 4.04 the Servicing Agreement, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall will establish and maintain one or more accounts (each such account or accounts, a “Collection Accounts. Each Collection Account Account”), held in trust for the benefit of the Trustee and the Certificateholders, in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be an Eligible Account. The Servicer shall deposit deposited within the time specified in the Collection Account Servicing Agreement of receipt all collections of principal and interest on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date any Mortgage Loan with respect to any REO Property received by the Mortgage Loans:
(i) all payments on account of principalServicer, including Principal PrepaymentsPayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries;
(iv) all Insurance Proceeds including Proceeds, amounts required to be deposited pursuant in connection with Permitted Investments and blanket policy deductibles, Substitution Shortfall Amounts and such other amounts as required by the Servicing Agreement. The Servicer is hereby authorized to Section 3.15, other than proceeds to be held in the Escrow Account make withdrawals from and applied deposits to the restoration Collection Account for purposes required or repair permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Collection Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of the Mortgaged Property or released Collection Account, the contents of which are acceptable to the Mortgagor parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;provisions of Section 11.01 hereof.
(va) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.09. The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Trust Fund and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Securities Administrator in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to certain amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments certain times in accordance with Section 5.01 of the provisions set forth in Section 3.09Servicing Agreement. The Servicer Securities Administrator shall give notice to the Servicer, NIMS Insurer, if any, the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof. Any investment earnings accrued on the funds on deposit in the Distribution Account, other than investment earnings accrued during the period from Servicer Remittance Date to the end of the day immediately following the Servicer Remittance Date, shall be held for the benefit of the Master Servicer. All investment earnings accrued on amounts on deposit in the Distribution Account between the Servicer Remittance Date and the end of the day immediately following the Servicer Remittance Date, shall be paid to the Servicer in accordance with Section 3.11(b) below.
(cb) Pursuant to the Servicing Agreement, funds held in a Collection Account at any time may be delivered by the Servicer to the Securities Administrator for deposit into the account specified in the Servicing Agreement and for all purposes of this Agreement shall be deemed to be a part of such Collection Account until the Servicer Remittance Date when such amounts are required to be deposited into the Distribution Account; provided, however, that the Securities Administrator shall have the sole authority to withdraw any funds held pursuant to this subsection. In the event that the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Securities Administrator withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, pursuant to the Servicing Agreement the Servicer shall deliver to the Trustee Securities Administrator from time to time for depositdeposit and in any event shall remit all such amounts no later than the Servicer Remittance Date, and the Trustee Securities Administrator shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.015.01 of the Servicing Agreement;
(ii) any Stayed Funds, as soon as permitted by amounts required to be deposited pursuant to 5.01 of the federal bankruptcy court having jurisdiction Servicing Agreement in such mattersconnection with any REO Property;
(iii) any Prepayment Charges or amounts to be paid by the Servicer in connection with a purchase of the waiver Mortgage Loans and REO Properties pursuant to Section 8.22 of such Prepayment Charges, in each case the Servicing Agreement;
(iv) any related amounts required to be deposited pursuant to Section 3.01;
(iv4.04(i) of the Servicing Agreement in connection with any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01Compensating Interest; and
(v) any amounts required representing prepayments in full on the Mortgage Loans prior to be deposited by the Servicer pursuant to Section 3.13 in connection with Closing Date but after the deductible clause in any blanket hazard insurance policy, such deposit being made Cut-off Date received from the Servicer’s own funds, without reimbursement thereforDepositor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Collection Account and Distribution Account. (a) The On the Initial Closing Date BNY established, and on the Closing Date the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain maintain, one or more segregated accounts (collectively, the “Collection AccountsAccount”), in which the funds described below are to be deposited and held on behalf of the Trust in trust for the benefit of the Securityholders. Each account that constitutes the Collection Account shall be an Eligible Account. The Servicer shall notify the Trustee in writing of the name and address of the depository institution at which the Collection Account is maintained, the account number of the Collection Account and any changes in such name, address or account number. The Servicer shall deposit or cause to be deposited in the Collection Account Account, on a daily basis the same Business Day as soon receipt (in the case of payments by Borrowers or other collections on the Mortgage Loan) or as proper cash application can be determined, generally within two Business Days of receipt, and retain thereinotherwise required hereunder, the following payments and collections received or made by it after or on behalf of the Cut-off Date with Servicer in respect of the Mortgage Loan subsequent to the Mortgage LoansClosing Date:
(i) all payments on account of amounts due to the Lender under the Mortgage Loan Documents, whether in respect of principal, interest, Prepayment Consideration or otherwise and from any source, including Principal Prepaymentstransfers from the Central Account (or any sub-account thereof) and any Insurance Proceeds, on Condemnation Proceeds and Liquidation Proceeds available to pay amounts due under the Mortgage LoansLoan Documents in accordance with the terms thereof;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveries;
(iv) all Insurance Proceeds including any amounts required to be deposited by the Borrowers pursuant to Section 3.15, other than proceeds Loan Agreement in connection with losses incurred with respect to be Permitted Investments of funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(viiii) any amounts required to be deposited by the Servicer pursuant to Section 3.07(b) in connection with losses resulting from a deductible clause in a blanket or master force place hazard policy; and
(iv) any REO Property pursuant amounts required to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest transferred from the Collection REO Account pursuant to Section 3.093.16(c). The foregoing requirements for deposit from in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of . Notwithstanding the foregoing, actual payments from the Borrowers of Escrow Payments, amounts to be deposited in the nature of late payment charges, prepayment charges that are not Prepayment ChargesReserve Accounts, and assumption fees amounts that the Servicer is entitled to retain as Additional Servicing Compensation pursuant to Section 3.11(c), need not be deposited by the Servicer in the Collection Account. On behalf of If the Trust FundServicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain one or more segregated accounts (such account or accountscollectively, the “Distribution Account”), to be held in trust for the benefit of the CertificateholdersSecurityholders. On behalf Each account that constitutes the Distribution Account shall be an Eligible Account. Not later than 3:00 p.m. (New York City time) on each Servicer Remittance Date, the Servicer shall deliver to the Trustee, for deposit in the Distribution Account, an aggregate amount of immediately available funds equal to the Trust FundServicer Remittance Amount for such Servicer Remittance Date. In addition, not later than 3:00 p.m. (New York City time) on each Servicer Remittance Date, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance Debt Service Advances required to be made by the Servicer hereunder. Furthermore, any amounts paid by any party hereto to indemnify the Trust Fund pursuant to any provision hereof shall be delivered to the Trustee for deposit in the Distribution Account. The Trustee shall, upon receipt, deposit in the Distribution Account on the day any and all amounts received or, pursuant to Section 4.03, advanced by the time such remittance is Servicer or the Trustee that are required to be made under by the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to be deposited therein. If the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amountAccount, any provision herein to the contrary notwithstanding.
(c) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions of Section 3.06. In addition, the The Servicer shall deliver give notice to the other parties hereto of the location of the Collection Account and of the new location of the Collection Account prior to any change thereof. The Distribution Account shall be established at the Corporate Trust Office of the Trustee from time to time for depositas of the Closing Date, and the Trustee shall so deposit, in give notice to the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by other parties hereto of the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver new location of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant prior to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforchange thereof.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Trust and Servicing Agreement (American Tower Corp /Ma/)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.15Sections 3.10 and 3.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer's own funds, without reimbursement therefor;
(vii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13;
(viii) any amounts required to be deposited in the Collection Account pursuant to Sections 2.03, 2.10, 3.04, 3.16, 3.23 or 4.07; and
(ix) any prepayment penalties and premiums or amounts required to be deposited in connection with the waiver of such prepayment penalties pursuant to Section 3.01. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to . The Trustee shall maintain subaccounts of the Distribution Account for each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Class X/BB Interest to account for the payments in respect of each REMIC and on the day Class X and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeClass BB Certificates.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;; and
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case prepayment penalties and premiums required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.15 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more the Collection AccountsAccount. Each The Collection Account shall be an Eligible Account. The Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two three Business Days after receipt of receiptsuch funds, and retain therein, the following payments and collections received or made by it after the Cut-off Date with (other than in respect to of principal and interest due on or before the Mortgage Loans:Cut-off Date):
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and any Prepayment Interest Excess;
(iii) all Net Liquidation Proceeds and any Subsequent RecoveriesRecoveries on the Mortgage Loans;
(iv) all Insurance Proceeds on the Mortgage Loans including amounts required to be deposited pursuant to Section 3.153.12, other than proceeds to be held in the related Escrow Account and applied to the restoration or repair of the related Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any related Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any related REO Property pursuant to Section 3.133.15;
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any Mortgage Loan and all Servicer Prepayment Charge Payment Amounts required to be paid by the Servicer pursuant to Section 3.01 in connection with any such Principal Prepayment; and
(viii) all amounts required to be deposited by the Servicer pursuant to Section 2.03. The Servicer shall deliver to the Master Servicer in immediately available funds for deposit in the Distribution Account by 4:00 p.m. New York time on the Servicer Remittance Date, all amounts required to be deposited in the Collection Account pursuant to this Section 3.06(a). Any remittance received from the Servicer after 4:00 p.m. New York time on the Servicer Remittance Date shall be deemed received on the next Business Day. With respect to any late remittance, the Servicer shall pay to the Master Servicer interest on such amount at an annual rate equal to the "Prime Rate" as published in The Wall Street Journal, adjusted as of the date of each change. Such interest shall be paid by the Servicer to the Master Servicer on the date such payment is made and shall cover the period commencing with the day following such Servicer Remittance Date and ending with the Business Day on which said payment is received, both inclusive. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver by the Master Servicer of any Servicer Event of Termination. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.27, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.07(a)(vi). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, bad check fees, prepayment charges that are not Prepayment Charges, Prepayment Interest Excess, assumption fees and assumption other similar fees need not be deposited by the Servicer in the Collection AccountAccount and may be retained by the Servicer as additional servicing income. Amounts deposited in the Collection Account in error may be withdrawn by the Servicer at any time.
(b) On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On The Distribution Account will be an Eligible Account. Amounts in the Distribution Account shall be deemed to be held on behalf of the Trust Fundrelated REMICs in accordance with the REMIC distributions set forth in Section 4.08. The Securities Administrator and the Master Servicer shall, the Servicer shall deliver to the Trustee in immediately available funds for promptly upon receipt or as otherwise required, deposit in the Distribution Account and retain therein any amounts which are required to be deposited in the Distribution Account by 3:00 PM New York time the Securities Administrator or the Master Servicer, as applicable. The Securities Administrator or the Master Servicer, as applicable, shall deposit or cause to be deposited into the Distribution Account, on the same Business Day of receipt (except as otherwise specifically provided herein), the following payments and collections remitted by the Servicer Remittance Date, that portion or received by it in respect of the Available Funds (calculated without regard Mortgage Loans subsequent to the references Cut-off Date (other than in respect of principal and interest due on the definition thereof Mortgage Loans on or before the Cut-off Date) and the following amounts required to amounts that may be deposited hereunder:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans, net of the Servicing Fee and any Prepayment Interest Excess;
(iii) all Liquidation Proceeds and any Subsequent Recoveries;
(A) all Insurance Proceeds, other than Insurance Proceeds to be (1) applied to the restoration or repair of the Mortgaged Property, (2) released to the Mortgagor in accordance with the applicable Servicing Standard or (3) required to be deposited to an Escrow Account and (B) any Insurance Proceeds released from an Escrow Account;
(v) any amount required to be deposited by the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, Master Servicer pursuant to Section 3.27 in connection with any failure by losses on Eligible Investments with respect to the Servicer Distribution Account;
(vi) any amounts relating to make any remittance REO Property required to be remitted by the Servicer;
(vii) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the applicable Servicing Standard, the loan documents or applicable law;
(viii) Advances made by the Servicer to the Distribution Account on the day and any Compensating Interest paid by the time such remittance is Servicer;
(ix) all Purchase Prices, BANA Purchase Price Adjustment Amounts, Reimbursement Amounts and Substitution Adjustment Amounts paid by the Servicer, the Seller or the Originator, as the case may be;
(x) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any Mortgage Loan and all Servicer Prepayment Charge Payment Amounts required to be made under paid by the terms of this Agreement Servicer; and
(without giving effect xi) any other amounts required to any grace be deposited hereunder. If the Securities Administrator or cure period), the Master Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on remits any amount not timely remitted from and including the day such remittance was required to be made toremitted, but not includingit may at any time withdraw such amount from the Distribution Account, any provision herein to the day on which such remittance was actually madecontrary notwithstanding.
(bc) [Reserved].
(d) Funds in the Collection Account and the Distribution Account may be invested in Permitted Eligible Investments in accordance with the provisions set forth in Section 3.093.27. The Servicer shall give notice to the Trustee Master Servicer (who upon request will forward such notice to the Trustee, the Depositor and the NIMS Insurer) of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(ce) In the event the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Securities Administrator withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee Securities Administrator from time to time for deposit, and the Trustee Securities Administrator shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited delivered by the Servicer to the Master Servicer or the Securities Administrator, as applicable, for deposit in the Distribution Account pursuant to Sections 3.072.03, 3.06, 3.15, 3.17, 3.27 3.18, 3.25, 3.26, 3.27, 3.34, 4.07 or 4.0110.01; and
(viv) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(df) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee Securities Administrator or the Master Servicer, as applicable, shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
(g) No later than the Closing Date, the Securities Administrator shall establish and maintain with itself a separate, segregated trust account which will be the Cap Carryover Reserve Account. With respect to each Distribution Date as to which there is a Cap Carryover Amount payable to the Offered Certificates or the Class B-1 Certificates, the Securities Administrator will deposit (as directed by the Class CE Certificateholders pursuant to this Section 3.06(g)) into the Cap Carryover Reserve Account, the amounts described in Section 4.02(b)(xxxiv), rather than distributing such amounts to the Class CE Certificateholders. On each such Distribution Date, the Securities Administrator shall hold all such amounts for the benefit of the Holders of the Offered Certificates and the Class B-1 Certificates, and will distribute such amounts to the Holders of the Offered Certificates and the Class B-1 Certificates in the amounts and priorities set forth in Section 4.10. For federal and state income tax purposes, the Class CE Certificateholders will be deemed to be the owners of the Cap Carryover Reserve Account and all amounts deposited into the Cap Carryover Reserve Account shall be treated as amounts distributed by REMIC 4 with respect to the Class CE REMIC 4 Regular Interest and then by REMIC 5 with respect to the C▇▇▇▇ ▇▇ REMIC 5 Regular Interest. Upon the termination of the Trust Fund, ▇▇ ▇▇▇ ▇ayment in full of the Offered Certificates and the Class B-1 Certificates, all amounts remaining on deposit in the Cap Carryover Reserve Account will be released by the Trust Fund and distributed to the Class CE Certificateholders or their designees. The Cap Carryover Reserve Account will be part of the Trust Fund but not part of any REMIC created hereunder and any payments to the Holders of the Offered Certificates and the Class B-1 Certificates of Cap Carryover Amounts will not be payments with respect to a "regular interest" in a REMIC within the meaning of Code Section 860G(a)(1). The Cap Carryover Reserve Account is an "outside reserve fund" within the meaning of Treasury regulation Section 1.860G-2(h). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Securities Administrator, and the Securities Administrator hereby is directed, to deposit into the Cap Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Cap Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts held in the Cap Carryover Reserve Account shall be held uninvested. Any Cap Carryover Amounts paid by the Securities Administrator pursuant to this Section 3.06(g) to the Offered Certificates and Class B-1 Certificates shall be accounted for by the Securities Administrator as amounts paid first to REMIC 5 in respect of the Class CE REMIC 4 Regular Interest, and then to Holders of the Class CE Cert▇▇▇▇▇▇▇▇ in respect of the Class CE REMIC 5 Regular Interest and then to such Class or Classes of Offe▇▇▇ ▇▇▇▇ificates and the Class B-1 Certificates. In addition, the Securities Administrator shall account for the Offered Certificates' and Class B-1 Certificates' rights to receive payments of Cap Carryover Amounts as rights in a limited recourse notional principal contract written by the Holders of the Class CE Certificate in favor of such Certificates. For federal tax return and information reporting, the value of the right of the Holders of the Offered Certificates and the Class B-1 Certificates to receive payments from the Cap Carryover Reserve Account in respect of any Cap Carryover Amount shall be assumed to have a value of zero as of the Closing Date unless and until required otherwise by an applicable taxing authority. Any Prepayment Charges and Servicer Prepayment Charge Payment Amounts deposited into the Distribution Account shall not be assets of any REMIC created hereunder, but shall be considered assets of the Grantor Trust held by the Securities Administrator for the benefit of the Class P Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ABFC 2007-Wmc1 Trust)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account or cause to be deposited on a daily basis as soon as proper cash application can and in no event more than one Business Day after receipt thereof in the clearing account (which must be determinedan Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, generally within two and shall thereafter deposit in the Collection Account, in no event more than one Business Days Day after deposit of receiptsuch funds in the clearing account, and retain therein, the following payments and collections received or made by it after the Cut-off Date Date, with respect to the Mortgage Loans:Loans (other than in respect of principal and interest due on or before the Cut-off Date):
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and any Prepayment Interest Excess;
(iii) all Net Liquidation Proceeds and any Subsequent Recoveries;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13;
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any Mortgage Loan, all Originator Prepayment Charge Payment Amounts paid by the Originator and all Servicer Prepayment Charge Payment Amounts required to be paid by the Servicer pursuant to Section 3.01 in connection with any such Principal Prepayment; and
(viii) all amounts required to be deposited by the Servicer pursuant to Section 2.03. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, bad check fees, prepayment charges that are not Prepayment Charges, Originator Prepayment Charge Payment Amounts or Servicer Prepayment Charge Payment Amounts, assumption fees and assumption other similar fees need not be deposited by the Servicer in the Collection Account. Amounts deposited in the Collection Account in error may be withdrawn by the Servicer at any time.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM 1:00 p.m. New York time on the Servicer Remittance Date, (i) that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account, (ii) the amount of all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any of the Mortgage Loans then on deposit in the Collection Account (other than any such Prepayment Charges received after the related Prepayment Period) and (iii) any Originator Prepayment Charge Payment Amount or any Servicer Prepayment Charge Payment Amount. Amounts in the Distribution Account shall be deemed to be held on behalf of the related REMICs or the Class P Certificates in accordance with the REMIC distributions set forth in Section 4.08. The Trustee shall be entitled to withdraw from the Distribution Account any amounts owing to it pursuant to Section 8.05 and Section 9.01(c) prior to the distribution of any amounts on deposit to the Certificateholders; provided, furtherhowever, in the Trustee shall provide the Depositor, the NIMS Insurer and the Servicer with a written account of such amounts five Business Days prior to withdrawing such funds. In connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Trustee for deposit in the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement Section 3.04(b) (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other prime rate mutually agreed to between the Servicer and the Trustee of United States money center commercial banks as published in The Wall Street Journal on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Eligible Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee and the NIMS Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Servicer, the NIMS Insurer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited delivered by the Servicer to the Trustee for deposit in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.13, 3.15, 3.16, 3.23, 3.24, 3.32, 4.07 or 4.0110.01; and
(viv) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25(b) in connection with losses realized on Eligible Investments with respect to funds held in the Distribution Account.
(f) No later than the Closing Date, the Trustee shall establish and maintain with itself a separate, segregated trust account which will be the Cap Carryover Reserve Account. On each Distribution Date as to which there is a Cap Carryover Amount payable to the Offered Certificates or the Class B Certificates, the Trustee has been directed by the Class CE Certificateholders to, and therefore will, deposit into the Cap Carryover Reserve Account the amounts described in Section 4.02(b)(xxxiii), rather than distributing such amounts to the Class
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ABFC 2006-Opt2 Trust)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Final Recovery Determination;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(vi) all Subsequent Recoveries; and
(vivii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. provided, however, the Servicer shall deposit into the Collection Account on a daily basis within two Business Days after determining the proper application of funds that were improperly marked but would otherwise constitute payments or collections pursuant to subclauses (i) through (vii) above. For the avoidance of doubt, returned checks are not funds received by the Servicer pursuant to this Section 3.04(a). Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(a)(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Funds in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to shall be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeheld uninvested.
(bc) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time time, in writing pursuant to a certificate of a Servicing Officer, request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Trust 2007-Cb3)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two three Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans, without duplication:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent RecoveriesProceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13; and
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any of the Mortgage Loans. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges penalties that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.the
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Final Recovery Determination;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(vi) all Subsequent Recoveries; and
(vivii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Collection Account and Distribution Account. (a) The On behalf of the Trust Fund, the Master Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more accounts (such account or accounts, the "Collection AccountsAccount"), held in trust for the benefit of the Trustee, the Certificateholders and the Certificate Insurer. Each Collection Account shall be an Eligible Account. The On behalf of the Trust Fund, the Master Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis basis, as soon and when received or as proper cash application can be determined, generally within two Business Days of receipt, and retain thereinotherwise required hereunder, the following payments and collections received or made by it after subsequent to the Cut-off Date with (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cutoff Date), or payments (other than Principal Prepayments) received by it on or prior to the Mortgage LoansCutoff Date but allocable to a Due Period subsequent thereto:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest (net of the related Servicing Fee) on the each Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateLoan;
(iii) all Net Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and Subsequent Recoveriesamounts paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01);
(iv) all Insurance Proceeds including any amounts required to be deposited pursuant to Section 3.15, other than proceeds 3.12 in connection with any losses realized on Permitted Investments with respect to be funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account; and
(viv) any amounts required to be deposited by the Master Servicer in connection with any REO Property pursuant to the second paragraph of Section 3.133.14(a) in respect of any blanket policy deductibles. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit For purposes of the Servicer and immediately preceding sentence, the Servicer Cut-off Date with respect to any Qualified Substitute Mortgage Loan shall be entitled deemed to retain and withdraw such interest from be the Collection Account pursuant to Section 3.09date of substitution. The foregoing requirements for deposit from in the Collection Account Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of prepayment or late payment charges, prepayment charges that are not Prepayment Charges, and or assumption fees need not be deposited by the Master Servicer in the Collection Account. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by on or before 3:00 PM p.m. New York time (i) on the Master Servicer Remittance Date, that portion of the Available Funds Distribution Amount (calculated without regard to the references in clause (2) of the definition thereof to amounts that may be deposited to withdrawn from the Distribution Account from a different source as provided hereinAccount) for the related Distribution Date then on deposit in the Collection Account; provided, further, and (ii) on each Business Day as of the commencement of which the balance on deposit in connection with the Collection Account exceeds $75,000 following any failure by the Servicer to make any remittance required to be made by the Servicer withdrawals pursuant to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period)next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account". If the balance on deposit in the Collection Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account", the Master Servicer shall, on or before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or reimbursable to the Depositor, the Master Servicer, the Trustee, the Originator, the Seller or any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madePersons entitled thereto.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.12. The Master Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Master Servicer, the Depositor and the Depositor Certificate Insurer of the location of the Distribution Account when established and prior to any change thereof.
(cd) Funds held in the Collection Account at any time may be delivered by the Master Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; provided, however, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Master Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, the Master Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.014.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01;
(iv) any amounts required to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfalls;
(v) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;; and
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(ivvi) any amounts required to be deposited in transferred from the Distribution REMIC II Reserve Fund pursuant to Section 4.06 or from the Policy Payments Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(vSection 9.04(b) on any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforDistribution Date.
(de) Promptly upon receipt of any Stayed Funds, whether from the Master Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof pursuant to Section 7.02(b) or as otherwise permitted hereunder. In addition, the Master Servicer shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.12 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Asset Bk Fl Rte Ce Se 1996 Lb3)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties and premiums or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties or premiums, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.073.04, 3.173.15, 3.27 3.16, 3.22 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25(b) in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Sec Corp C Bass Mort Ln as Bk Cert Se 03 Cb6)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receiptdetermining the proper application after receipt of such funds, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by the 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure sure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on or any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made. Amounts in the Distribution Account shall be deemed to be held on behalf of the related REMICs in accordance with the REMIC distributions set forth in Section 9.01. Funds on deposit in the Distribution Account may be invested in Permitted Investments.
(bc) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of certifying the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time in writing request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:Account in respect of the SWAP REMIC (provided, however, that notwithstanding the foregoing, any amounts distributable to the Class P Certificates shall not, for federal income tax purposes, be treated as part of any REMIC):
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset Backed Certificates, Series 2007-Cb4)
Collection Account and Distribution Account. (a) The On behalf of the Trust Fund, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts, held in trust for the benefit of the Trustee and the Certificateholders. Each Collection Account shall be an Eligible Account. The On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within and in no event later than two Business Days of after receipt, as and retain thereinwhen received or as otherwise required hereunder, the following payments and collections received or made by it after on or subsequent to the Cut-off Date with respect other than amounts attributable to a Due Date on or prior to the Mortgage LoansCut-off Date or payments received by it on or prior to the Cut-off Date, but allocable to a Due Period subsequent thereto:
(i) all payments on account of principal, including Principal PrepaymentsPrepayments (but not Prepayment Charges), on the Mortgage Loans;
(ii) all payments on account of interest on (net of the Mortgage Loans adjusted to the Mortgage Interest Rate less the related Servicing Fee Rateand any Prepayment Interest Excess) on each Mortgage Loan;
(iii) all Net Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property) and all Subsequent Recoveries;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.15, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer pursuant to Section 3.10 in connection with any REO Property pursuant losses realized on Permitted Investments with respect to Section 3.13. Any interest paid on funds deposited held in the Collection Account, subject ;
(v) any amounts required to Section 3.14, shall accrue be deposited by the Servicer pursuant to the benefit second paragraph of Section 3.11(a) in respect of any blanket policy deductibles;
(vi) any Repurchase Price or Substitution Shortfall Amount delivered to the Servicer and all proceeds (net of amounts payable or reimbursable to the Servicer, the Master Servicer, the Trustee, the Custodian or the Securities Administrator) of Mortgage Loans purchased in accordance with Section 2.03, Section 3.13 or Section 10.01; and
(vii) any Prepayment Charges collected by the Servicer and the Servicer shall be entitled to retain and withdraw such interest from Prepayment Charge Payment Amounts in connection with the Collection Account pursuant to Section 3.09Principal Prepayment of any of the Mortgage Loans. The foregoing requirements for deposit from in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees or other similar fees need not be deposited by the Servicer in the Collection Account and may be retained by the Servicer as additional compensation. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account. , any provision herein to the contrary notwithstanding.
(b) On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Trustee, the Trust Fund and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Securities Administrator in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on or before the Servicer Remittance Date, that portion of the Available Funds Distribution Amount (calculated without regard to the references in the definition thereof to amounts that may be deposited to withdrawn from the Distribution Account) for the related Distribution Date then on deposit in the Collection Account from a different source as provided herein) and the amount of all Prepayment Charges collected by the Servicer in connection with the Principal Prepayment of any of the Mortgage Loans then on deposit in the Collection Account; provided. If the balance on deposit in the Collection Account exceeds $100,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of “Eligible Account,” the Servicer shall, furtheron or before 5:00 p.m. New York time on such Business Day, in connection with withdraw from the Collection Account any failure and all amounts payable or reimbursable to the Depositor, the Servicer, the Trustee, the Master Servicer, the Securities Administrator or the Seller pursuant to Section 3.09(a) and shall pay such amounts to the Persons entitled thereto. With respect to any remittance received by the Securities Administrator on or after the first Business Day following the Business Day on which such payment was due, the Securities Administrator shall send written notice thereof to the Servicer. The Servicer shall pay to the Securities Administrator interest on any such late payment by the Servicer at an annual rate equal to make any remittance required to Prime Rate (as defined in the Wall Street Journal) plus one percentage point, but in no event 77 Pooling and Servicing Agreement greater than the maximum amount permitted by applicable law. Such interest shall be made paid by the Servicer to the Distribution Account Securities Administrator on the day date such late payment is made and by shall cover the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including period commencing with the day following such remittance was required to be made to, but not including, first Business Day and ending with the day Business Day on which such remittance was actually payment is made, both inclusive. The payment by the Servicer of any such interest, or the failure of the Securities Administrator to notify the Servicer of such interest, shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Servicer.
(bc) Funds in the Collection Account maintained by the Servicer and funds in the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.10. The Servicer shall give notice to the Securities Administrator and the Master Servicer, and, upon request, the Master Servicer shall give notice to the Trustee and the Depositor, of the location of the Collection Account maintained by it the Servicer when established and prior to any change thereof. The Trustee Securities Administrator shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) Funds held in the Collection Account maintained by the Servicer at any time may be delivered by the Servicer in immediately available funds to the Securities Administrator for deposit in the Distribution Account. In the event the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Securities Administrator withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In no event shall the Securities Administrator incur liability as a result of withdrawals from the Distribution Account at the direction of the Servicer in accordance with the immediately preceding sentence. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and Securities Administrator no later than the Trustee shall so deposit, Servicer Remittance Date the amounts set forth in the Distribution Accountclauses (i) through (iv) below:
(i) any P&I Advances, as required pursuant to Section 4.015.03;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.013.21(d) or 3.21(f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01; and
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.22 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforPrepayment Interest Shortfalls.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SG Mortgage Securities Trust 2006-Fre1)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer related REMICs and the Trustee on any amount not timely remitted from and including Grantor Trust in accordance with the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeREMIC distributions set forth in Section 4.08.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of certifying the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent RecoveriesProceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13; and
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any Mortgage Loan. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the 4 p.m. New York time on the Servicer Remittance Date, (i) that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, (ii) the amount of all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee Mortgage Loans then on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds deposit in the Collection Account may (other than any such Prepayment Charges received after the related Prepayment Period) and (iii) any Servicer Prepayment Charge Amount. Amounts in the Distribution Account shall be invested in Permitted Investments deemed to be held on behalf of the related REMICs and the Grantor Trust in accordance with the provisions REMIC distributions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof4.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2002-Sb1)
Collection Account and Distribution Account. (a) The On behalf of the Trust Fund, the Master Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more accounts (such account or accounts, the "Collection AccountsAccount"), held in trust for the benefit of the Trustee, the Certificateholders and the Certificate Insurer. Each Collection Account shall be an Eligible Account. The On behalf of the Trust Fund, the Master Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis basis, as soon and when received or as proper cash application can be determined, generally within two Business Days of receipt, and retain thereinotherwise required hereunder, the following payments and collections received or made by it after on or subsequent to the Cut-off Date with respect to the Mortgage LoansDate:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on (net of the Mortgage Loans adjusted to the Mortgage Interest Rate less the related Servicing Fee Rateand other servicing compensation for prior months not paid in full including, without limitation, any such insufficiency which relates to any Servicing Fees applied to a Prepayment Interest Shortfall) on each Mortgage Loan;
(iii) all Net Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and Subsequent Recoveriesamounts paid by the Master Servicer in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01);
(iv) all Insurance Proceeds including any amounts required to be deposited pursuant to Section 3.15, other than proceeds 3.12 in connection with any losses realized on Permitted Investments with respect to be funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Master Servicer in connection with any REO Property pursuant to the first paragraph of Section 3.133.13(b) in respect of any blanket policy deductibles; and
(vi) any amounts in respect of prepayment charges received during the related Prepayment Period. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit For purposes of the Servicer and immediately preceding sentence, the Servicer Cut-off Date with respect to any Qualified Substitute Mortgage Loan shall be entitled deemed to retain and withdraw such interest from be the Collection Account pursuant to Section 3.09date of substitution. The foregoing requirements for deposit from in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and or assumption fees need not be deposited by the Master Servicer in the Collection Account. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM on or before noon New York time on the Master Servicer Remittance Date, that portion of the Available Funds Distribution Amount (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) for the related Distribution Date then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.12. The Master Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Master Servicer, the Depositor and the Depositor Certificate Insurer of the location of the Distribution Account when established and prior to any change thereof.
(cd) Funds held in the Collection Account at any time may be delivered by the Master Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; PROVIDED, HOWEVER, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Master Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, the Master Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Monthly Advances, as required pursuant to Section 4.014.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01;
(iv) any amounts required to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfalls; and
(v) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account or cause to be deposited on a daily basis as soon as proper cash application can and in no event more than one Business Day after receipt thereof in the clearing account (which must be determinedan Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, generally within two and shall thereafter deposit in the Collection Account, in no event more than one Business Days Day after deposit of receiptsuch funds in the clearing account, and retain therein, the following payments and collections received or made by it after the Cut-off Date Date, with respect to the Mortgage Loans:Loans (other than in respect of principal and interest due on or before the Cut-off Date):
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and any Prepayment Interest Excess;
(iii) all Net Liquidation Proceeds and any Subsequent Recoveries;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13;
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any Mortgage Loan, all Originator Prepayment Charge Payment Amounts paid by the Originator and all Servicer Prepayment Charge Payment Amounts required to be paid by the Servicer pursuant to Section 3.01 in connection with any such Principal Prepayment; and
(viii) all amounts required to be deposited by the Servicer pursuant to Section 2.03. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, bad check fees, prepayment charges that are not Prepayment Charges, Originator Prepayment Charge Payment Amounts or Servicer Prepayment Charge Payment Amounts, assumption fees and assumption other similar fees need not be deposited by the Servicer in the Collection Account. Amounts deposited in the Collection Account in error may be withdrawn by the Servicer at any time.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM 1:00 p.m. New York time on the Servicer Remittance Date, (i) that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, (ii) the amount of all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee Mortgage Loans then on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds deposit in the Collection Account may (other than any such Prepayment Charges received after the related Prepayment Period) and (iii) any Originator Prepayment Charge Payment Amount or any Servicer Prepayment Charge Payment Amount. Amounts in the Distribution Account shall be invested in Permitted Investments deemed to be held on behalf of the Grantor Trust and the related REMICs in accordance with the provisions REMIC distributions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof4.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ABFC 2006-Opt3 Trust)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer related REMICs and the Trustee on any amount not timely remitted from and including Grantor Trust in accordance with the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeREMIC distributions set forth in Section 4.08.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of certifying the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25(b) in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C Bass Mortgage Loan Asset Backed Cert Series 2002-Cb5)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Final Recovery Determination;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances and Timing Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.073.04, 3.173.15, 3.27 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bond Securitization LLC)
Collection Account and Distribution Account. (a) The On the Initial Closing Date BNY established, and on the Closing Date the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain maintain, one or more segregated accounts (collectively, the “Collection AccountsAccount”), in which the funds described below are to be deposited and held on behalf of the Trustee in trust for the benefit of the Securityholders. Each account that constitutes the Collection Account shall be an Eligible Account. The Servicer shall notify the Trustee in writing of the name and address of the depository institution at which the Collection Account is maintained, the account number of the Collection Account and any changes in such name, address or account number. The Servicer shall deposit or cause to be deposited in the Collection Account Account, on a daily basis the same Business Day as soon receipt (in the case of payments by Borrowers or other collections on the Mortgage Loan) or as proper cash application can be determined, generally within two Business Days of receipt, and retain thereinotherwise required hereunder, the following payments and collections received or made by it after or on behalf of the Cut-off Date with Servicer in respect of the Mortgage Loan subsequent to the Mortgage LoansClosing Date:
(i) all payments on account of amounts due to the Lender under the Mortgage Loan Documents, whether in respect of principal, interest, Prepayment Consideration or otherwise and from any source, including Principal Prepaymentstransfers from the Central Account (or any sub-account thereof) and any Insurance Proceeds, on Condemnation Proceeds and Liquidation Proceeds available to pay amounts due under the Mortgage LoansLoan Documents in accordance with the terms thereof;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveries;
(iv) all Insurance Proceeds including any amounts required to be deposited by the Borrowers pursuant to Section 3.15, other than proceeds Loan Agreement in connection with losses incurred with respect to be Permitted Investments of funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(viiii) any amounts required to be deposited by the Servicer pursuant to Section 3.07(b) in connection with losses resulting from a deductible clause in a blanket or master force place hazard policy; and
(iv) any REO Property pursuant amounts required to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest transferred from the Collection REO Account pursuant to Section 3.093.16(c). The foregoing requirements for deposit from in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of . Notwithstanding the foregoing, actual payments from the Borrowers of Escrow Payments, amounts to be deposited in the nature of late payment charges, prepayment charges that are not Prepayment ChargesReserve Accounts, and assumption fees amounts that the Servicer is entitled to retain as Additional Servicing Compensation pursuant to Section 3.11(c), need not be deposited by the Servicer in the Collection Account. On behalf of If the Trust FundServicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) The Trustee shall establish and maintain one or more segregated accounts (such account or accountscollectively, the “Distribution Account”), to be held in trust for the benefit of the CertificateholdersSecurityholders. On behalf Each account that constitutes the Distribution Account shall be an Eligible Account. Not later than 3:00 p.m. (New York City time) on each Servicer Remittance Date, the Servicer shall deliver to the Trustee, for deposit in the Distribution Account, an aggregate amount of immediately available funds equal to the Trust FundServicer Remittance Amount for such Servicer Remittance Date. In addition, not later than 3:00 p.m. (New York City time) on each Servicer Remittance Date, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance Debt Service Advances required to be made by the Servicer hereunder. Furthermore, any amounts paid by any party hereto to indemnify the Trust Fund pursuant to any provision hereof shall be delivered to the Trustee for deposit in the Distribution Account. The Trustee shall, upon receipt, deposit in the Distribution Account on the day any and all amounts received or, pursuant to Section 4.03, advanced by the time such remittance is Servicer or the Trustee that are required to be made under by the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to be deposited therein. If the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amountAccount, any provision herein to the contrary notwithstanding.
(c) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions of Section 3.06. In addition, the The Servicer shall deliver give notice to the other parties hereto of the location of the Collection Account and of the new location of the Collection Account prior to any change thereof. The Distribution Account shall be established at the Corporate Trust Office of the Trustee from time to time for depositas of the Closing Date, and the Trustee shall so deposit, in give notice to the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by other parties hereto of the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver new location of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant prior to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforchange thereof.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Trust and Servicing Agreement (American Tower Corp /Ma/)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer related REMICs and the Trustee Grantor Trust in accordance with the REMIC distributions set forth in Section 4.08. Funds on any amount not timely remitted from and including deposit in the day such remittance was required Distribution Account will remain uninvested. Back to be made to, but not including, the day on which such remittance was actually made.Contents
(bc) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of certifying the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time in writing request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-Cb6)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc C-Bass 2004-Cb6 Trust)
Collection Account and Distribution Account. (a) The Pursuant to Section 4.04 the Servicing Agreement, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall will establish and maintain one or more accounts (each such account or accounts, a “Collection Accounts. Each Collection Account Account”), held in trust for the benefit of the Trustee and the Certificateholders, in accordance with the Servicing Agreement, with records to be kept with respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts shall be an Eligible Account. The Servicer shall deposit deposited within the time specified in the Collection Account Servicing Agreement of receipt all collections of principal and interest on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date any Mortgage Loan with respect to any REO Property received by the Mortgage Loans:
(i) all payments on account of principalServicer, including Principal PrepaymentsPayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries;
(iv) all Insurance Proceeds including Proceeds, amounts required to be deposited pursuant in connection with Permitted Investments and blanket policy deductibles, Substitution Shortfall Amounts and such other amounts as required by the Servicing Agreement. The Servicer is hereby authorized to Section 3.15, other than proceeds to be held in the Escrow Account make withdrawals from and applied deposits to the restoration Collection Account for purposes required or repair permitted by this Agreement and the Servicing Agreement. For the purposes of this Agreement, Collection Accounts shall also include such other accounts as the Servicer maintains for the escrow of certain payments, such as taxes and insurance, with respect to certain Mortgaged Properties. The Servicing Agreement sets forth the criteria for the segregation, maintenance and investment of the Mortgaged Property or released Collection Account, the contents of which are acceptable to the Mortgagor parties hereto as of the date hereof and changes to which shall not be made unless such changes are made in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;provisions of Section 11.01 hereof.
(va) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.09. The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Trust Fund and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Securities Administrator in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to certain amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments certain times in accordance with Section 5.01 of the provisions set forth in Section 3.09Servicing Agreement. The Servicer Securities Administrator shall give notice to the Servicer, NIMS Insurer, if any, the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof. The funds on deposit in the Distribution Account shall be invested for the benefit of the Master Servicer.
(cb) Pursuant to the Servicing Agreement, funds held in a Collection Account at any time may be delivered by the Servicer to the Securities Administrator for deposit into the account specified in the Servicing Agreement and for all purposes of this Agreement shall be deemed to be a part of such Collection Account until the Servicer Remittance Date when such amounts are required to be deposited into the Distribution Account; provided, however, that the Securities Administrator shall have the sole authority to withdraw any funds held pursuant to this subsection. In the event that the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee Securities Administrator withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, pursuant to the Servicing Agreement the Servicer shall deliver to the Trustee Securities Administrator from time to time for depositdeposit and in any event shall remit all such amounts no later than the Servicer Remittance Date, and the Trustee Securities Administrator shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.015.01 of the Servicing Agreement;
(ii) any Stayed Funds, as soon as permitted by amounts required to be deposited pursuant to 5.01 of the federal bankruptcy court having jurisdiction Servicing Agreement in such mattersconnection with any REO Property;
(iii) any Prepayment Charges or amounts to be paid by the Servicer in connection with a purchase of the waiver Mortgage Loans and REO Properties pursuant to Section 8.22 of such Prepayment Charges, in each case the Servicing Agreement; and
(iv) any related amounts required to be deposited pursuant to Section 3.01;
(iv4.04(i) any amounts required to be deposited in of the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 Servicing Agreement in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforCompensating Interest.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Financial Asset Sec Corp C Bass Mort Ln as Bk Ce Se 02-Cb6)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two one Business Days Day of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent RecoveriesProceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13; and
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any Mortgage Loan. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment ChargesCharges or Servicer Prepayment Charge Payment Amounts, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, (i) that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, (ii) the amount of all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee Mortgage Loans then on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds deposit in the Collection Account may (other than any such Prepayment Charges received after the related Prepayment Period) and (iii) any Servicer Prepayment Charge Payment Amount. Amounts in the Distribution Account shall be invested in Permitted Investments deemed to be held on behalf of the related REMICs and the Grantor Trust in accordance with the provisions REMIC distributions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof4.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Abfc Asset Backed Certificates Series 2002-Nc1)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Solomon Mortgage Ln Tr Ser 2002-Cb3 C-Bass MRT Ln as BCK Cer)
Collection Account and Distribution Account. (a) The Servicer Servicers shall segregate and hold all funds collected and received pursuant to each Mortgage Loan Asset separate and apart from any of its their own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer Servicers shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days business days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date, Additional Transfer Date or date of substitution (with respect to any Eligible Substitute Mortgage Asset) with respect to the Mortgage LoansAssets:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage LoansAssets;
(ii) all payments on account of interest finance charges on the Mortgage Loans adjusted to the Mortgage Interest Rate less Assets, net of the Servicing Fee RateFee;
(iii) all Net Liquidation Proceeds and Subsequent RecoveriesProceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.15, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawProceeds;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor Obligor in accordance with the Servicer’s Servicers' normal servicing procedures, the loan mortgage asset documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer Servicers in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer Servicers and the each Servicer shall be entitled to retain and withdraw its share of such interest from the Collection Account pursuant to Section 3.093.05(iv). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not bad check fees, Prepayment Charges, assumption fees and assumption other similar fees need not be deposited by the Servicer Servicers in the Collection Account. Amounts deposited in the Collection Account in error may be withdrawn by the applicable Servicer at any time.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer Servicers shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM 1:00 p.m. New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments related REMICs in accordance with the provisions REMIC distributions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof4.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mid State Capital Corp)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and, with respect to Covered Mortgage Loans, the Mortgage Insurance Premium;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties and premiums or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties or premiums, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.073.04, 3.173.15, 3.27 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25(b) in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C Bass Mortgage Loan Asset Backed Certs Ser 2002 Cb2)
Collection Account and Distribution Account. (a) The On behalf of the Trust Fund, the Master Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more accounts (such account or accounts, the "Collection AccountsAccount"), held in trust for the benefit of the Trustee, the Certificateholders and the Certificate Insurer. Each Collection Account shall be an Eligible Account. The On behalf of the Trust Fund, the Master Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis basis, as soon and when received or as proper cash application can be determined, generally within two Business Days of receipt, and retain thereinotherwise required hereunder, the following payments and collections received or made by it after subsequent to the Cut-off Date with (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cutoff Date), or payments (other than Principal Prepayments) received by it on or prior to the Mortgage LoansCutoff Date but allocable to a Due Period subsequent thereto:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest (net of the related Servicing Fee) on the each Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateLoan;
(iii) all Net Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and Subsequent Recoveriesamounts paid by the Master Servicer in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01);
(iv) all Insurance Proceeds including any amounts required to be deposited pursuant to Section 3.15, other than proceeds 3.12 in connection with any losses realized on Permitted Investments with respect to be funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account; and
(viv) any amounts required to be deposited by the Master Servicer in connection with any REO Property pursuant to the second paragraph of Section 3.133.14(a) in respect of any blanket policy deductibles. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit For purposes of the Servicer and immediately preceding sentence, the Servicer Cut-off Date with respect to any Qualified Substitute Mortgage Loan shall be entitled deemed to retain and withdraw such interest from be the Collection Account pursuant to Section 3.09date of substitution. The foregoing requirements for deposit from in the Collection Account Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of prepayment or late payment charges, prepayment charges that are not Prepayment Charges, and or assumption fees need not be deposited by the Master Servicer in the Collection Account. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by on or before 3:00 PM p.m. New York time (i) on the Master Servicer Remittance Date, that portion of the Available Funds Distribution Amount (calculated without regard to the references in clause (2) of the definition thereof to amounts that may be deposited to withdrawn from the Distribution Account from a different source as provided hereinAccount) for the related Distribution Date then on deposit in the Collection Account; provided, further, and (ii) on each Business Day as of the commencement of which the balance on deposit in connection with the Collection Account exceeds $75,000 following any failure by the Servicer to make any remittance required to be made by the Servicer withdrawals pursuant to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period)next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account". If the balance on deposit in the Collection Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account", the Master Servicer shall, on or before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or reimbursable to the Depositor, the Master Servicer, the Trustee, the Originator, the Seller or any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madePersons entitled thereto.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.12. The Master Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Master Servicer, the Depositor and the Depositor Certificate Insurer of the location of the Distribution Account when established and prior to any change thereof.
(cd) Funds held in the Collection Account at any time may be delivered by the Master Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; provided, however, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Master Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, the Master Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.014.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid by the Master Servicer in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01;
(iv) any amounts required to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfalls;
(v) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;; and
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(ivvi) any amounts required to be deposited in transferred from the Distribution Policy Payments Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(vSection 9.04(b) on any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforDistribution Date.
(de) Promptly upon receipt of any Stayed Funds, whether from the Master Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof pursuant to Section 7.02(b) or as otherwise permitted hereunder. In addition, the Master Servicer shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.12 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1996-Lb1)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Final Recovery Determination;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(vi) all Subsequent Recoveries; and
(vivii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust FundFund and the Trustee, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time time, in writing pursuant to a certificate of a Servicing Officer, request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two three Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans, without duplication:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent RecoveriesProceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13; and
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any of the Mortgage Loans. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges penalties that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, (i) that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account, (ii) the amount of all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any of the Mortgage Loans then on deposit in the Collection Account (other than any such Prepayment Charges received after the related Prepayment Period), (iii) any Servicer Prepayment Charge Payment Amount that became due during the related Prepayment Period and (iv) the Credit Risk Manager Fee payable on the upcoming Distribution Date. These amounts may be sent via a single combined wire transfer. Except as otherwise provided in Section 3.04(f), amounts in the Distribution Account shall be deemed to be held on behalf of the related REMICs in accordance with the REMIC distributions set forth in Section 4.09. The Securities Administrator shall be entitled to cause the Trustee to withdraw from the Distribution Account any amounts owing to it pursuant to Section 3.30(c) (in its capacity as Auction Administrator), prior to the distribution of any amounts on deposit therein to the Certificateholders; provided, furtherhowever, in connection the case of amounts owing to it other than the Securities Administration Fee, the Securities Administrator shall provide the Depositor with any failure by the Servicer to make any remittance required to be made by the Servicer a written account of such amounts five Business Days prior to the Distribution Account on the day and by the time withdrawal of such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madefunds.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee and the Securities Administrator of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Servicer, the Securities Administrator and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution AccountAccount in respect of REMIC 1:
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.013.24;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall shall, unless such funds have been received from the Servicer, notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder. In addition, the Securities Administrator shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25(b) in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
(f) Any Prepayment Charges and Servicer Prepayment Charge Payment Amounts deposited pursuant to Section 3.04(a)(vii) shall not be assets of any REMIC created hereunder, but shall be considered assets of the Grantor Trust held by the Trustee for the benefit of the Class P Certificateholders. In addition, any Net WAC Rate Carryover Amounts that are paid with respect to the Class A, Class M, or Class B Certificates will be treated as first having been distributed with respect to the Class CE Certificates and then having been paid outside of the REMICs to the Class A, Class M, or Class B Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Final Recovery Determination;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.09. The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees need not be deposited by the Servicer in the Collection Account. On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “Distribution Account”), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01all Subsequent Recoveries; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Cb3)
Collection Account and Distribution Account. (a) The On behalf of the Trust Fund, the Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more the "Collection Accounts", held in trust for the benefit of the Trustee and the Certificateholders. Each Collection Account shall be an Eligible Account. The On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within and in no event later than two Business Days of after receipt, as and retain thereinwhen received or as otherwise required hereunder, the following payments and collections received or made by it after on or subsequent to the Cut-off Date with respect to the Mortgage LoansDate:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest (net of the related Servicing Fee) on the each Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateLoan;
(iii) all Net Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and all Subsequent RecoveriesRecoveries and amounts paid by the Servicer in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 9.01);
(iv) all Insurance Proceeds including any amounts required to be deposited pursuant to Section 3.15, other than proceeds 3.10 in connection with any losses realized on Permitted Investments with respect to be funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released amounts required to be deposited by the Servicer pursuant to the Mortgagor second paragraph of Section 3.11(a) in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law; andrespect of any blanket policy deductibles;
(vi) any Purchase Price or Substitution Shortfall Amount delivered to the Servicer and all proceeds (net of amounts payable or reimbursable to the Servicer, the Master Servicer, the Trustee, the Custodian or the Securities Administrator) of Mortgage Loans purchased in accordance with Section 2.03, Section 3.13 or Section 10.01 or pursuant to any other provision of this Agreement; and
(vii) any Prepayment Charges or amounts required to be deposited by the Servicer in connection with any REO Property pursuant to a breach of its obligations under Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue 3.01 with respect to the benefit waiver of Prepayment Charges or any amounts paid by the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Seller in respect of any waived Prepayment Charges as described in Section 3.093.01. The foregoing requirements for deposit from in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, and assumption fees or other similar fees need not be deposited by the Servicer in the Collection Account. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) On behalf of the Trust Fund, the Trustee Securities Administrator shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Trustee, the Trust Fund and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee Securities Administrator in immediately available funds for deposit in the Distribution Account by on or before 3:00 PM p.m. New York time on the Servicer Remittance Date, that portion of the Available Funds Distribution Amount (calculated without regard to the references in clause (2) of the definition thereof to amounts that may be deposited to withdrawn from the Distribution Account) for the related Distribution Date then on deposit in the Collection Account from a different source as provided hereinand the amount of all Prepayment Charges collected by the Servicer in connection with the Principal Prepayment of any of the Mortgage Loans (including any Servicer Prepayment Charge Payment Amount) then on deposit in the Collection Account and the amount of any funds reimbursable to an Advance Financing Person pursuant to Section 3.25. If the balance on deposit in the Collection Account exceeds $100,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account; provided," the Servicer shall, furtheron or before 5:00 p.m. New York time on such Business Day, in connection with withdraw from the Collection Account any failure and all amounts payable or reimbursable to the Depositor, the Servicer, the Trustee, the Master Servicer, the Securities Administrator or the Seller pursuant to Section 3.09 and shall pay such amounts to the Persons entitled thereto. With respect to any remittance received by the Securities Administrator on or after the first Business Day following the Business Day on which such payment was due, the Securities Administrator shall send written notice thereof to the Servicer. The Servicer shall pay to the Securities Administrator interest on any such late payment by the Servicer at an annual rate equal to make any remittance required to Prime Rate (as defined in THE WALL STREET JOURNAL) plus one percentage point, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be made paid by the Servicer to the Distribution Account Securities Administrator on the day date such late payment is made and by shall cover the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including period commencing with the day following such remittance was required to be made to, but not including, first Business Day and ending with the day Business Day on which such remittance was actually payment is made, both inclusive. The payment by the Servicer of any such interest, or the failure of the Securities Administrator to notify the Servicer of such interest, shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Servicer.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.10. The Servicer shall give notice to the Trustee Trustee, the Securities Administrator and the Master Servicer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee Securities Administrator shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) Funds held in the Collection Account at any time may be delivered by the Servicer in immediately available funds to the Securities Administrator for deposit in the Distribution Account. In the event the Servicer shall deliver to the Trustee Securities Administrator for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In no event shall the Trustee incur liability as a result of withdrawals from the Distribution Account at the direction of the Servicer in accordance with the immediately preceding sentence. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and Securities Administrator no later than the Trustee shall so deposit, Servicer Remittance Date the amounts set forth in the Distribution Accountclauses (i) through (iv) below:
(i) any P&I Advances, as required pursuant to Section 4.015.03;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.013.21(d) or 3.21(f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 10.01; and
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.22 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforPrepayment Interest Shortfalls.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Fm2)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and assets. The Servicer, for the benefit of the Certificateholders, shall establish and maintain in the name of the Trustee one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it on or after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.15Sections 3.10 and 3.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Liquidation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer pursuant to Section 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer's own funds, without reimbursement therefor;
(vii) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13;
(viii) any amounts required to be deposited in the Collection Account pursuant to Section 3.04, 3.15, 3.16, 3.23 or 4.04; and
(ix) any Prepayment Charges collected by the Servicer and Servicer Prepayment Charge Payment Amounts paid by the Servicer in connection with Principal Prepayment of any of the Mortgage Loans. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Charges, or other ancillary fees and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more segregated accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM 5:00 p.m. (New York time time) on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) for the related Distribution Date then on deposit in the Collection Account; provided, further, the amount of all Prepayment Charges collected by the Servicer and Servicer Prepayment Charge Payment Amounts paid by the Servicer in connection with the Principal Prepayment of any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer Mortgage Loans and the Trustee on amount of any amount not timely remitted from and including the day such remittance was required funds reimbursable to be made to, but not including, the day on which such remittance was actually madean Advancing Person pursuant to Section 3.30.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) Subject to Section 3.04(b) above, funds held in the Collection Account at any time may be delivered by the Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof); PROVIDED, HOWEVER, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.014.04;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.013.13 in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 3.13 and Section 10.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01Compensating Interest; and
(v) any amounts required to be deposited by paid to the Servicer Trustee from the assets of the Trust pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such Agreement (other than investment income on the funds on deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account), subject including but not limited to withdrawal thereof as permitted hereunderamounts required to be paid to the Trustee pursuant to Section 7.02 and Section 8.05.
(e) The Trustee shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.25 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Finan as Sec Cp SDVW Hm Eq Ln Tr 2001-2 as Bk Cer Ser 2001-2)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receipt, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at related REMICs in accordance with the Prime Rate or such other rate mutually agreed to between REMIC distributions set forth in Section 9.01. Funds on deposit in the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeDistribution Account will remain uninvested.
(bc) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of certifying the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time in writing request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:Account in respect of the SWAP REMIC (provided, however, that notwithstanding the foregoing, any amounts distributable to the Class P Certificates shall not, for federal income tax purposes, be treated as part of any REMIC):
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Series 2006-Cb4)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account on a daily basis as soon as proper cash application can be determined, generally within two Business Days of receiptdetermining the proper application after receipt of such funds, and retain therein, the following payments and collections received or made by it after the Cut-off Date with respect to the Mortgage Loans:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee Rate;
(iii) all Net Liquidation Proceeds and Subsequent Recoveriesproceeds from a Cash Liquidation;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, prepayment charges that are not Prepayment Chargesprepayment penalties, and assumption fees need not be deposited by the Servicer in the Collection Account. .
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM the close of business New York time on the Servicer Remittance Date, that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, . Amounts in connection with any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required shall be deemed to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account held on behalf of the Trustee interest at related REMICs in accordance with the Prime Rate or such other rate mutually agreed to between REMIC distributions set forth in Section 9.01. Funds on deposit in the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madeDistribution Account will remain uninvested.
(bc) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.25. The Servicer shall give notice to the Trustee of certifying the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof.
(cd) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time in writing request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:Account in respect of the SWAP REMIC (provided, however, that notwithstanding the foregoing, any amounts distributable to the Class P Certificates shall not, for federal income tax purposes, be treated as part of any REMIC):
(i) any P&I Advances, as required pursuant to Section 4.014.07;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges prepayment penalties or amounts in connection with the waiver of such Prepayment Chargesprepayment penalties, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.072.03, 3.173.04, 3.27 3.15, 3.16, 3.23 or 4.014.07; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s 's own funds, without reimbursement therefor.
(de) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Asset-Backed Certificates, Series 2006-Cb8)
Collection Account and Distribution Account. (a) The On behalf of the Trust Fund, the Master Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more accounts (such account or accounts, the "Collection AccountsAccount"), held in trust for the benefit of the Trustee, the Certificateholders and the Certificate Insurer. Each Collection Account shall be an Eligible Account. The On behalf of the Trust Fund, the Master Servicer shall deposit or cause to be deposited in the Collection Account on a daily basis basis, as soon and when received or as proper cash application can be determined, generally within two Business Days of receipt, and retain thereinotherwise required hereunder, the following payments and collections received or made by it after subsequent to the Cut-off Date with (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cutoff Date), or payments (other than Principal Prepayments) received by it on or prior to the Mortgage LoansCutoff Date but allocable to a Due Period subsequent thereto:
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest (net of the related Servicing Fee) on the each Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateLoan;
(iii) all Net Insurance Proceeds and Liquidation Proceeds (other than proceeds collected in respect of any particular REO Property and Subsequent Recoveriesamounts paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 9.01);
(iv) all Insurance Proceeds including any amounts required to be deposited pursuant to Section 3.15, other than proceeds 3.12 in connection with any losses realized on Permitted Investments with respect to be funds held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s normal servicing procedures, the loan documents or applicable lawCollection Account; and
(viv) any amounts required to be deposited by the Master Servicer in connection with any REO Property pursuant to the second paragraph of Section 3.133.14(a) in respect of any blanket policy deductibles. Any interest paid on funds deposited in the Collection Account, subject to Section 3.14, shall accrue to the benefit For purposes of the Servicer and immediately preceding sentence, the Servicer Cut-off Date with respect to any Qualified Substitute Mortgage Loan shall be entitled deemed to retain and withdraw such interest from be the Collection Account pursuant to Section 3.09date of substitution. The foregoing requirements for deposit from in the Collection Account Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of prepayment or late payment charges, prepayment charges that are not Prepayment Charges, and or assumption fees need not be deposited by the Master Servicer in the Collection Account. In the event the Master Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. On behalf of the Trust Fund, the Master Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by on or before 3:00 PM p.m. New York time (i) on the Master Servicer Remittance Date, that portion of the Available Funds Distribution Amount (calculated without regard to the references in clause (2) of the definition thereof to amounts that may be deposited to withdrawn from the Distribution Account from a different source as provided hereinAccount) for the related Distribution Date then on deposit in the Collection Account; provided, further, and (ii) on each Business Day as of the commencement of which the balance on deposit in connection with the Collection Account exceeds $75,000 following any failure by the Servicer to make any remittance required to be made by the Servicer withdrawals pursuant to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period)next succeeding sentence, the amount of such excess, but only if the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account." If the balance on deposit in the Collection Account exceeds $75,000 as of the commencement of business on any Business Day and the Collection Account constitutes an Eligible Account solely pursuant to clause (ii) of the definition of "Eligible Account," the Master Servicer shall, on or before 3:00 p.m. New York time on such Business Day, withdraw from the Collection Account any and all amounts payable or reimbursable to the Depositor, the Master Servicer, the Trustee, the Originator, the Seller or any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually madePersons entitled thereto.
(bc) Funds in the Collection Account and the Distribution Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.093.12. The Master Servicer shall give notice to the Trustee and the Certificate Insurer of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer Master Servicer, the Depositor and the Depositor Certificate Insurer of the location of the Distribution Account when established and prior to any change thereof.
(cd) Funds held in the Collection Account at any time may be delivered by the Master Servicer to the Trustee for deposit in an account (which may be the Distribution Account and must satisfy the standards for the Distribution Account as set forth in the definition thereof) and for all purposes of this Agreement shall be deemed to be a part of the Collection Account; provided, however, that the Trustee shall have the sole authority to withdraw any funds held pursuant to this subsection (d). In the event the Master Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer it any such amount, any provision herein to the contrary notwithstanding. In addition, the Master Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.014.03;
(ii) any amounts required to be deposited pursuant to Section 3.23(d) or (f) in connection with any REO Property;
(iii) any amounts to be paid in connection with a purchase of Mortgage Loans and REO Properties pursuant to Section 9.01;
(iv) any amounts required to be deposited pursuant to Section 3.24 in connection with any Prepayment Interest Shortfalls;
(v) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;; and
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(ivvi) any amounts required to be deposited in transferred from the Distribution REMIC II Reserve Fund pursuant to Section 4.06 or from the Insurance Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) Section 4.07 on any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement thereforDistribution Date.
(de) Promptly upon receipt of any Stayed Funds, whether from the Master Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof pursuant to Section 7.02(b) or as otherwise permitted hereunder. In addition, the Master Servicer shall deposit in the Distribution Account any amounts required to be deposited pursuant to Section 3.12 in connection with losses realized on Permitted Investments with respect to funds held in the Distribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Broth Mor Sec Vii Asset Bac Float Rt Cer Se 1997 Lb1)
Collection Account and Distribution Account. (a) The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Collection Accounts. Each Collection Account shall be an Eligible Account. The Servicer shall deposit in the Collection Account or cause to be deposited on a daily basis as soon as proper cash application can and in no event more than one Business Day after receipt thereof in the clearing account (which must be determinedan Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities, generally within two and shall thereafter deposit in the Collection Account, in no event more than one Business Days Day after deposit of receiptsuch funds in the clearing account, and retain therein, the following payments and collections received or made by it after the Cut-off Date Date, with respect to the Initial Mortgage Loans:, or the Subsequent Cut-off Date, with respect to the Additional Group 3 Mortgage Loans (other than in respect of principal and interest due on or before the Cut-off Date or Subsequent Cut-off Date, as applicable):
(i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Interest Rate less the Servicing Fee RateRate and any Prepayment Interest Excess;
(iii) all Net Liquidation Proceeds and any Subsequent Recoveries;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 3.153.10, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Servicer’s 's normal servicing procedures, the loan documents or applicable law; and;
(vi) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 3.13;
(vii) all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any Mortgage Loan, all Originator Prepayment Charge Payment Amounts paid by the applicable Originator and all Servicer Prepayment Charge Payment Amounts required to be paid by the Servicer pursuant to Section 3.01 in connection with any such Principal Prepayment; and
(viii) all amounts required to be deposited by the Servicer pursuant to Section 2.03. Any interest paid on funds deposited in the Collection Account, subject to Section 3.143.25, shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Collection Account pursuant to Section 3.093.05(v). The foregoing requirements for deposit from the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, bad check fees, prepayment charges that are not Prepayment Charges, Originator Prepayment Charge Payment Amounts or Servicer Prepayment Charge Payment Amounts, assumption fees and assumption other similar fees need not be deposited by the Servicer in the Collection Account. Amounts deposited in the Collection Account in error may be withdrawn by the Servicer at any time.
(b) On behalf of the Trust Fund, the Trustee shall establish and maintain one or more accounts (such account or accounts, the “"Distribution Account”"), held in trust for the benefit of the Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver to the Trustee in immediately available funds for deposit in the Distribution Account by 3:00 PM 1:00 p.m. New York time on the Servicer Remittance Date, (i) that portion of the Available Funds (calculated without regard to the references in the definition thereof to amounts that may be deposited to the Distribution Account from a different source as provided herein) then on deposit in the Collection Account; provided, further, (ii) the amount of all Prepayment Charges collected by the Servicer in connection with the voluntary Principal Prepayment in full of any failure by the Servicer to make any remittance required to be made by the Servicer to the Distribution Account on the day and by the time such remittance is required to be made under the terms of this Agreement (without giving effect to any grace or cure period), the Servicer shall pay to the Trustee for the account of the Trustee interest at the Prime Rate or such other rate mutually agreed to between the Servicer and the Trustee Mortgage Loans then on any amount not timely remitted from and including the day such remittance was required to be made to, but not including, the day on which such remittance was actually made.
(b) Funds deposit in the Collection Account may (other than any such Prepayment Charges received after the related Prepayment Period) and (iii) any Originator Prepayment Charge Payment Amount or any Servicer Prepayment Charge Payment Amount. Amounts in the Distribution Account shall be invested in Permitted Investments deemed to be held on behalf of the Grantor Trust and the related REMICs in accordance with the provisions REMIC distributions set forth in Section 3.09. The Servicer shall give notice to the Trustee of the location of the Collection Account maintained by it when established and prior to any change thereof. The Trustee shall give notice to the Servicer and the Depositor of the location of the Distribution Account when established and prior to any change thereof4.
(c) In the event the Servicer shall deliver to the Trustee for deposit in the Distribution Account any amount not required to be deposited therein, it may at any time request that the Trustee withdraw such amount from the Distribution Account and remit to the Servicer any such amount, any provision herein to the contrary notwithstanding. In addition, the Servicer shall deliver to the Trustee from time to time for deposit, and the Trustee shall so deposit, in the Distribution Account:
(i) any P&I Advances, as required pursuant to Section 4.01;
(ii) any Stayed Funds, as soon as permitted by the federal bankruptcy court having jurisdiction in such matters;
(iii) any Prepayment Charges or amounts in connection with the waiver of such Prepayment Charges, in each case required to be deposited pursuant to Section 3.01;
(iv) any amounts required to be deposited in the Distribution Account pursuant to Sections 3.07, 3.17, 3.27 or 4.01; and
(v) any amounts required to be deposited by the Servicer pursuant to Section 3.13 in connection with the deductible clause in any blanket hazard insurance policy, such deposit being made from the Servicer’s own funds, without reimbursement therefor.
(d) Promptly upon receipt of any Stayed Funds, whether from the Servicer, a trustee in bankruptcy, or federal bankruptcy court or other source, the Trustee shall notify the Servicer of such receipt and deposit such funds in the Distribution Account, subject to withdrawal thereof as permitted hereunder.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ABFC 2006-Opt1 Trust)