Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 10 contracts
Sources: Pooling and Servicing Agreement (Home Equity Mortgage Pass Through Certificates Series 2002-2), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mort Home Equity Trust 2003-4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, subject hereto and the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 10 contracts
Sources: Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2004-1), Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-11), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-5)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee determines Servicers determine that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, the Servicers shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above any Servicer individually elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, such Servicer shall notify the other Servicers of such election at least 30 days prior to the date of the Notice of Final Distribution and each such other Servicer shall have 5 days to elect to purchase the Mortgage Loans it services. If any Servicer or all of the Servicers so elect to terminate, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders Certificateholders, such Person Servicer or Servicers shall notify the Servicers Depositor and the Trustee of the date the Depositor intends such Servicer or Servicers intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer or Servicers, as the case may be, will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, each Servicer shall cause all funds in its Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the applicable Servicer or Servicers, as the case may be, the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicers, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He5), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He6), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-Nc8)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and the second notice (i) the Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-6), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate exercise its option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of (a) the date on which the Depositor Servicer intends to terminate exercise such purchase option and (b) the Termination Price. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly receipt by the Trustee by letter and the Custodian of a Request for Release therefor, the Custodian shall promptly release to Certificateholders mailed not earlier than the 10th day and not later than Servicer the 15th day of Custodial Files for the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to CertificateholdersMortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Residual Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (EquiFirst Loan Securitization Trust 2007-1), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the CertificateholdersCertificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any Group 1 PO Deferred Amount and Group 3 PO Deferred Amount, as applicable, in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationsubject hereto, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2007-1), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-3)
Final Distribution on the Certificates. If on any Determination Remittance Date, a Servicer notifies the Trustee determines Securities Administrator in writing that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, such Servicer shall direct the Trustee shall Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Avelo or Litton, as applicable, elects to terminate the Trust Fund pursuant to c▇▇▇▇▇ (a) of Section 9.0111.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, Avelo or Litton, as applicable, shall notify the Servicers Depositor, the Master Servicer, ▇▇▇ ▇ecurities Administrator and the Trustee in writing of the date the Depositor Litton or Avelo, as applicable, intends to terminate the Trust Fund and of the ▇▇ ▇▇e applicable repurchase price Termination Price of the Mortgage Loans and REO Properties. Notice Notwithstanding anything to the contrary herein, prior to any election by Avelo to terminate the Trust Fund pursuant to Section 11.01(a) on any D▇▇▇▇▇bution Date on which the aggregate Stated Principal Balance of any termination the Mortgage Loans, as of the last day of the related Due Period, is equal to 5% or less of the Cut-off Date Pool Principal Balance, Avelo will be required to secure written notice from the Securities Administrator that Litton has refused to exercise its option to terminate the Trust Fund.
A Notice of Final Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, Avelo and Litton, as applicable, shall promptly deposit such funds in the applica▇▇▇ ▇▇llection Account. During the time such funds are held in such Collection Account, such funds shall be invested, at the direction of Avelo and Litton, as applicable,, in Permitted Investments, and Avelo and Litton, ▇▇ ▇▇plicable, shall be entitled to all income from such invest▇▇▇▇▇, and shall be responsible for all losses from such investments. In connection with any such termination of the Trust Fund, Avelo and Litton, as applicable, shall cause all funds in the Collection Account, ▇▇▇▇▇ding the applicable Termination Price for the Mortgage Loans and REO Properties to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the applicable Custodian of a Request for Release therefor, the applicable Custodian, shall promptly release to Avelo and Litton, as applicable, or its designee, the Custodial Files for the Mor▇▇▇▇▇ Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the applicable Servicer (including all unreimbursed Advances and any Servicing Fees accrued and unpaid as of the date the Termination Price is paid), the Depositor, the Master Servicer, the Securities Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Residual Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He4), Pooling and Servicing Agreement (GSAMP Trust 2006-He3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class 15-PO and Class 30-PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Upper-Tier REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, subject hereto and the Class A-R LR Certificateholders as the beneficial owner of the residual interest issued by the Subsidiary REMIC, and the Class A-UR Certificateholders as the beneficial owner of the residual interests issued by the Master REMIC, shall be entitled to all unclaimed funds and other assets of the Trust Fund related REMICs created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Ps THR Certs 2004-1), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Alternative Loan Trust 2004-3), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Alt Loan Trust 2004 2)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding related Mortgage Loans and no other funds or assets in the related Sub-Trust Fund other than the related funds in the Collection Accounts and Certificate Protected Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above related Majority Class CE Certificateholder or the Master Servicer, as applicable, elects to terminate the related Sub-Trust Fund pursuant to Section 9.0110.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person related Certificateholders, the related Majority Class CE Certificateholder or the Master Servicer, as applicable, shall notify the Servicers Depositor, each Swap Provider and the Trustee of the date the Depositor related Majority Class CE Certificateholder or the Master Servicer, as applicable, intends to terminate the Trust Fund and of the applicable repurchase price of related Sub-Trust. The Master Servicer shall remit the Mortgage Loans and REO PropertiesLoan Purchase Price to the Trustee on the Business Day prior to the Distribution Date for such related Optional Termination by the related Majority Class CE Certificateholder or the Master Servicer, as applicable. Notice of any termination of the Trust Fundrelated Sub-Trust, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not later than two Business Days after the 15th day of the month next preceding Determination Date in the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of related Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. In the event such notice is given, the Master Servicer shall cause all related funds in the Protected Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the related Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee or the Custodian shall promptly release to the Seller as applicable the Mortgage Files for the related Mortgage Loans and the Trustee shall execute and deliver any documents prepared and delivered to it which are necessary to transfer any related REO Property. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the related Certificateholders of each Class, Class the amounts allocable to such Certificates held in each case the Distribution Account in the order and priority set forth in Section 5.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the related Class A-R Certificateholders shall be entitled to all related unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He7)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund a Loan Group other than the funds in the Collection Accounts and Certificate AccountAccount related to such Loan Group, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund a Loan Group pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund Loan Group and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Funda Loan Group, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account related to the Loan Group or Loan Groups to be terminated to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the related Certificates. Upon such final deposit with respect to the Loan Group and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Master Servicer the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Group 1 Carryover Reserve Fund and the Group 2 Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust FundLoan Group. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders (in the case of Loan Group 1 and Loan Group 2) shall be entitled to all unclaimed funds and other assets of the Trust Fund which Loan Group that relate to such Class of Certificates and remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2001-1), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2001-1), Pooling and Servicing Agreement (Cwabs Inc)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor and the Trustee of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders and the NIMS Insurer, if any, mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Trustee shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Trustee the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pass THR Certs Ser 2003-2), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Majority Class X Certificateholder elects to terminate exercise its option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders Certificateholders, the Servicer, upon receipt of notice from the Majority Class X Certificateholder indicating its intent to exercise such Person purchase option, shall notify the Servicers Depositor and the Trustee of (a) the date on which the Depositor Majority Class X Certificateholder intends to terminate exercise such purchase option and (b) the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Termination Price.
A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Majority Class X Certificateholder the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2), Pooling and Servicing Agreement (Sabr Trust 2005-Op1), Pooling and Servicing Agreement (Sabr Trust 2005-Fr1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans in an Aggregate Loan Group and no other funds or assets in the Trust Fund with respect to such Aggregate Loan Group other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each CertificateholderCertificateholder of Group I or Group II Certificates, as applicable. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the related portion of Trust Fund related to an Aggregate Loan Group and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund related to an Aggregate Loan Group specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to the related Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to such Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account with respect to such Aggregate Loan Group to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Group I or Group II Certificates, as applicable. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans in such Aggregate Loan Group. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, only if such termination is with respect to the amountlast remaining Aggregate Loan Group, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice notice, and only if such termination is with respect to the last remaining Aggregate Loan Group, all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (IndyMac INDA Mortgage Loan Trust 2007-Ar7), Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Ar21ip), Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar33)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in 4.02 hereof on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, Upper-Tier REMIC that remain subject hereto and (i) the Class ALR Certificateholders shall be entitled to all unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-11)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-12)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class 15-PO and Class 30-PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, subject hereto and the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2003 11), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mort Pass THR Certs Ser 2003-12), Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.019.01 by the 25th day of the month preceding the month of the final distribution, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than or the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedapplicable Custodian, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation and surrender of a Request for Release therefor, the Certificates at Trustee or the office therein specified. The Trustee applicable Custodian, as applicable, shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Countrywide Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and the second notice all Certificates shall not have been surrendered for cancellation, (i) the Class A-R LR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Lower-Tier REMIC and (ii) the Class A-UR Certificateholders shall be entitled to all unclaimed funds and other assets of the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-4), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-5)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 25 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the any Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and to the Swap Counterparty. If the Optional Termination Holder above Master Servicer (upon instruction from the Depositor or voluntarily) elects to terminate exercise their option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.0111.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor, the Derivative Counterparty and the Trustee Securities Administrator of (a) the date on which the Depositor Master Servicer intends to terminate exercise such purchase option and (b) the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Termination Price.
A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to the Swap Counterparty and to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Master Servicer, the Securities Administrator, the Depositor, the Trustee and the Swap Counterparty hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate a portion of the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the by purchasing certain Mortgage Loans and REO PropertiesProperties by no later than the 10th day of the month of the expected final distribution, the Master Servicer shall notify the Depositor and the Trust Administrator of the Distribution Date on which the Master Servicer intends to terminate such portion of the Trust Fund; provided, however, if the Trust Administrator and the Master Servicer are not the same Person, then such notice shall occur by no later than the 7th day of the month of the expected final distribution for the related Certificates. Notice of any termination of a portion of the Trust Fund, specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to the related Certificateholders mailed not earlier later than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In connection with any such termination of a portion of the Trust Fund, the Master Servicer shall cause all funds in the Collection Account, including the Clean-up Call Mortgage Loan Price and Clean-up Call REO Property Price for the related Mortgage Loans and REO Properties, respectively, to be remitted to the Trust Administrator for deposit in the Distribution Account no later than the Business Day prior to the applicable Distribution Date. Upon such final deposit by the Master Servicer with respect to the Trust Fund and the receipt by the Trust Administrator of a Request for Release therefor, the Trust Administrator shall promptly release to the Master Servicer, or its designee, the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of final Distribution Date for the Certificateholdersrelated Certificates, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Subsidiary REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Master REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Marm 2005-7), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the CertificateholdersCertificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable Group 1 PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationsubject hereto, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-2), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than or the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedCustodian, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation and surrender of a Request for Release therefor, the Certificates at Trustee or the office therein specified. The Trustee Custodian, as applicable, shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (viii) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Home Eq Pass THR Certs Ser 2003-1), Pooling and Servicing Agreement (Home Equity Pass Through Certificates Series 2003-3)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Wmc1), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Wmc1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Securities Administrator determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor, the Trustee and the Trustee Securities Administrator of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders Certificateholders, the NIMS Insurer, if any, and [the Swap Counterparty], mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Securities Administrator shall cause all funds in the Collection Account to be remitted to the Securities Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the sum of (i) an amount sufficient to reimburse the Master Servicer, the Trustee and the Servicer (or subservicer) for any amounts to be reimbursed to such Persons pursuant to this Agreement and (ii) the final distribution in respect of the Certificates and [any Swap Termination Payment owed to the Swap Counterparty] (to the extent not paid on previous Distribution Dates). Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Majority Class X Certificateholders, the NIMS Insurer, if any, or the Servicer, as applicable, the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Class Principal Balance thereof plus accrued interest thereon (or on their Class Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp), Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Terminator elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Terminator will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for File Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders . Notwithstanding the reduction of the same Class, an amount equal to (i) as to each Certificate Principal Balance of any Class of Regular CertificatesCertificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions (if any) to which it may be entitled pursuant to the terms of this Agreement and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, each Seller, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) Master Servicer and the Trustee hereunder in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveaccordance with Article IX. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-Ab1), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-Ab2)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccount related to such Loan Group, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder and the Class AF-5B Insurer or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders and the Class AF-5B Insurer within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Terminator elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor, the Class AF-5B Insurer and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Terminator will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for File Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class and the Class AF-5B Insurer the amounts allocable to such Certificates and the Class AF-5B Insurer held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders . Notwithstanding the reduction of the same Class, an amount equal to (i) as to each Certificate Principal Balance of any Class of Regular CertificatesCertificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions (if any) to which it may be entitled pursuant to the terms of this Agreement and not for any other 175 purpose) until the termination of the respective obligations and responsibilities of the Depositor, each Seller, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) Master Servicer and the Trustee hereunder in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveaccordance with Article IX. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class AF-5B Insurer, with respect to any unpaid Class AF-5B Reimbursement Amounts (only to the extent of amounts received in respect of the Group 1 Mortgage Loans), and then the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-3), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the related portion of the Trust Fund pursuant to Section 9.019.01(1) or Section 9.01(2), as applicable, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate cause termination pursuant to Section 9.01(1) or Section 9.01(2), as applicable, the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust FundFund relating to either Loan Group 1 or Loan Group 2, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to such Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee Master Servicer shall give such notice to each Rating Agency at the time such notice is given to the related Certificateholders. In the event such notice is given, the Master Servicer shall cause all related funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on or before the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the related Classes of Certificates. Upon such final deposit with respect to the related Mortage Loans and REO Properties and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Master Servicer the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.)
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2005-17), Pooling and Servicing Agreement (Alternative Loan Trust 2005-17)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccount related to such Loan Group, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder and the Guarantor or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders and the Guarantor within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certs Series 2003-1), Pooling and Servicing Agreement (Asset-Backed Certificate Series 2003-2)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor and the Trustee of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders and the NIMS Insurer, if any, mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Trustee shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the sum of the final distribution in respect of the Certificates and any Swap Termination Payment owed to the Swap Counterparty (to the extent not paid on previous Distribution Dates). Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the majority Class X Certificateholders, the NIMS Insurer, if any, or the Servicer, as applicable, the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-3), Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, subject hereto and the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement, Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2005-1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Class A-3b Certificate Insurer and the Trustee hereunder), in each case on the final Distribution Date or Class A-3b Distribution Date, as applicable, and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He9), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He9)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 25 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, Upper-Tier REMIC that remain subject hereto and (i) the Class ALR Certificateholders shall be entitled to all unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC, in each case that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-2), Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2004-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and 122 surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSFB Home Equity Mortgage Pass Through Cert Series 2002-4), Pooling and Servicing Agreement (Home Equity Mortgage Pass Through Certificates Series 2002-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (xii) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Home Equity Pass Through Certificates Series 2002-4), Pooling and Servicing Agreement (Credit Suisse First Boston Mor Acc Cor Ho Eq Asset Tr 2002-5)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Olympus elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Olympus shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (xi) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Home Equity Asset Trust 2002-2), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee HomEq determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, HomEq shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above HomEq elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to HomEq shall notify, by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, HomEq shall notify the Servicers Depositor and the Trustee of the date the Depositor HomEq intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, HomEq shall cause all funds in its Collection Account to be remitted to the Trust Fund, specifying Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at HomEq, the time such notice is given to CertificateholdersCustodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to HomEq, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Msac 2006-Nc1), Pooling and Servicing Agreement (Msac 2006-Nc1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account and Group 6 Basis Risk Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-15), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-15)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Distribution Account, the Trustee Master Servicer shall notify the Securities Administrator, which shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next immediately preceding the month of such final distribution and no later than the tenth day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will shall be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee Securities Administrator shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. The Majority In Interest of the Class C Certificates that are exercising the right to purchase the Mortgage Loans under Section 11.01 shall, no later than the Business Day prior to the Distribution Date on which the final distribution is to be made, remit the Termination Price to the Securities Administrator for deposit in the Distribution Account. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders8.05, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount amount, from Available Funds, equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) abovethereon. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been 131 surrendered for cancellation, upon written request of the Class A-R Certificateholders Holders of the Residual Certificates to the Securities Administrator at the applicable Corporate Trust Office, the Holders of the Residual Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate a portion of the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the by purchasing certain Mortgage Loans and REO PropertiesProperties by no later than the 10th day of the month of the expected final distribution, the Master Servicer shall notify the Depositor and the Trust Administrator of the Distribution Date on which the Master Servicer intends to terminate such portion of the Trust Fund; provided, however, if the Trust Administrator and the Master Servicer are not the same Person, then such notice shall occur by no later than the 7th day of the month of the expected final distribution for the related Certificates. Notice of any termination of a portion of the Trust Fund, specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to the related Certificateholders mailed not earlier later than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In connection with any such termination of a portion of the Trust Fund, the Master Servicer shall cause all funds in the Collection Account, including the Clean-up Call Mortgage Loan Price and Clean-up Call REO Property Price for the related Mortgage Loans and REO Properties, respectively, to be remitted to the Trust Administrator for deposit in the Distribution Account no later than the Business Day prior to the applicable Distribution Date. Upon such final deposit by the Master Servicer with respect to the Trust Fund and the receipt by the Trust Administrator of a Request for Release therefor, the Trust Administrator shall promptly release to the Master Servicer, or its designee, the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of final Distribution Date for the Certificateholdersrelated Certificates, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) and (iii) as to the Class 1-A-X Certificates, the amount, if any, that remains on deposit in the Group 1 Basis Risk Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of Lower-Tier REMIC A and Lower-Tier REMIC B and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2005-3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Distribution Account, the Trustee Master Servicer shall notify the Securities Administrator, which shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next immediately preceding the month of such final distribution and no later than the tenth day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will shall be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee Securities Administrator shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. The Majority In Interest of the Class I-C-1 or Class II Certificates, as applicable, that are exercising the right to purchase the Mortgage Loans under Section 11.01 shall, no later than the Business Day prior to the Distribution Date on which the final distribution is to be made, remit the Termination Price to the Securities Administrator for deposit in the Distribution Account. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders8.05, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount amount, from Available Funds, equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) abovethereon. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect 200 thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, upon written request of the Class A-R Certificateholders Holders of the Residual Certificates to the Securities Administrator at the applicable Corporate Trust Office, the Holders of the Residual Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, the Trustee Servicer shall direct the Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer so elects to terminate terminate, by the Trust Fund pursuant to Section 9.0125th day of the month preceding the month of the final distribution, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Servicer shall notify the Servicers Depositor, the Securities Administrator and the Trustee of the final Distribution Date the Servicer or the Class X Certificateholder of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in its Collection Account to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter Securities Administrator of a Request for Release therefor, the Securities Administrator shall forward the Request for Release to Certificateholders mailed not earlier than the 10th day Custodian and not later than the 15th day of Custodian shall promptly release to the month next preceding Servicer the month of such final distribution. Any such notice shall specify (a) Custodial Files for the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to CertificateholdersMortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Swap Provider and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Natixis Real Estate Capital Trust 2007-He2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Olympus elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Olympus shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates 118 at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(d) B. through I. and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Pass Through Certificates Series 2001-He1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amountthereon, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and the second notice all Certificates shall not have been surrendered for cancellation, (i) the Class ALR Certificateholders shall be entitled to all unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-9)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans outstanding Contracts and no other funds or assets asset in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Special Servicer elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Special Servicer shall notify the Servicers Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans Contracts and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such 103 final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Class A Certificates, and then to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates sequentially, in that order, an amount equal to the Certificate Balance thereof plus accrued interest thereon the related Interest Distribution Amount and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(c) and (ii) as to the Residual Class SB Certificates, the amountamount due to the Class SB Certificate under this agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Calmco elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Calmco shall notify the Servicers Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Senior Certificates, and then to the Class M-1, Class M-2 and Class B Certificates sequentially, in that order, an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interestorder described in Section 4.02(d)B-bearing Certificate and H, (ii) as to the Residual Class P Certificates, the aggregate amount, if any, of all Prepayment Premiums which remains on deposit in the Collection Accounts and the Certificate Account and (iii) as to the Class X Certificates, the amount, if any, which remains remain on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) and clause (ii) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R AR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account and Group 1 Basis Risk Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages 2005-1)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccount related to such Loan Group, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder and the Class AF-5B Insurer or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders and the Class AF-5B Insurer within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Terminator elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor, the Class AF-5B Insurer and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Terminator will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for File Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class and the Class AF-5B Insurer the amounts allocable to such Certificates and the Class AF-5B Insurer held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders . Notwithstanding the reduction of the same Class, an amount equal to (i) as to each Certificate Principal Balance of any Class of Regular CertificatesCertificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions (if any) to which it may be entitled pursuant to the terms of this Agreement and not for any other 183 purpose) until the termination of the respective obligations and responsibilities of the Depositor, each Seller, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) Master Servicer and the Trustee hereunder in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveaccordance with Article IX. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class AF-5B Insurer, with respect to any unpaid Class AF-5B Reimbursement Amounts (only to the extent of amounts received in respect of the Group 1 Mortgage Loans), and then the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Vesta elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Vesta shall notify the Servicers Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Senior Certificates, and then to the Class M-1, Class M-2 and Class B Certificates sequentially, in that order, an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interestorder described in Section 4.02(d)B-bearing Certificate and H, (ii) as to the Residual Class P Certificates, the aggregate amount, if any, of all Prepayment Premiums which remains remain on deposit in the Collection Accounts and the Certificate Account and (other than iii) as to the amounts retained Class X Certificates, the amount due to meet claims) after application pursuant to clause the Class X Certificates under this Agreement which remains unpaid (i) abovebut in no way exceeding the amount in the Collection Account). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Pass-Thru Cert Series 2001-He17)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not no later than the 15th 10th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional AmountPrincipal Balance, if applicable) in the case of an interest-interest bearing Certificate and (b) any Class PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corp Iv Series 2000-1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each CertificateholderCertificateholder and the Class 2-A-2 Insurer. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person and the Class 2-A-2 Insurer, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders and the Class 2-A-2 Insurer mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Class 2-A-2 Insurer and the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, on the final Distribution Date, in the case of the CertificateholdersClass 2-A-2 Insurer, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the Certificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of subject hereto and the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationClass 2-A-2 Insurer, with respect to any Reimbursement Amounts and Additional Reimbursement Amounts, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Securities Administrator determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor, the Securities Administrator and the Trustee of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders and the NIMS Insurer, if any, mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Securities Administrator shall cause all funds in the Collection Account to be remitted to the Securities Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Majority Class X Certificateholders, the NIMS Insurer, if any, or the Servicer, as applicable, the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Cert Series 2004 2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the any Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and to the Swap Counterparty. If the Optional Termination Holder above Master Servicer (upon instruction from the Depositor or voluntarily) elects to terminate exercise their option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.0111.01, at least 20 [ ] days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor, the Swap Counterparty and the Trustee Securities Administrator of (a) the date on which the Depositor Servicer intends to terminate exercise such purchase option and (b) the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Termination Price.
A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th [ ]th day and not later than the 15th [ ]th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to the Swap Counterparty and to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Master Servicer, the Securities Administrator, the Depositor, the Trustee and the Swap Counterparty hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class [X] Certificates), the Certificate Balance thereof plus for each such Class and the Class [X] Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six [six] months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six [six] months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R [R] Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Structured Asset Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Calmco elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Calmco shall notify the Servicers Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. 106 Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Senior Certificates, and then to the Class M-1, Class M-2 and Class B Certificates sequentially, in that order, an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interestorder described in Section 4.02(d)B-bearing Certificate and H, (ii) as to the Residual Class P Certificates, the aggregate amount, if any, of all Prepayment Premiums which remains on deposit in the Collection Accounts and the Certificate Account and (iii) as to the Class X Certificates, the amount, if any, which remains remain on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) and clause (ii) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R AR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Abs Trust Series 2001 He12)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans outstanding Contracts and no other funds or assets asset in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Special Servicer elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Special Servicer shall notify the Servicers Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans Contracts and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such 107 final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Class A Certificates, and then to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates sequentially, in that order, an amount equal to the Certificate Balance thereof plus accrued interest thereon the related Interest Distribution Amount and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(c) and (ii) as to the Residual Class SB Certificates, the amountamount due to the Class SB Certificate under this agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Abs Trust 2002-Mh3)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certs Series 2003-4)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall and the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify the Servicers Servicer, the Trustee and the Trustee Trust Administrator of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trust Fund, specifying Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter or the Trust Administrator of a Request for Release therefor, the Trustee or the Trust Administrator shall promptly release to Certificateholders mailed not earlier than the 10th day and not later than Depositor or its designee the 15th day of Custodial Files for the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to CertificateholdersMortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Master Servicer, the Trust Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the Fremont 2004-D Pooling & Servicing Agreement same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class C Certificates), the Certificate Balance thereof plus for each such Class and the Class C Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer or the Class X Certificateholder elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer or the Class X Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give forward such notice Request for Release to each Rating Agency at the time such notice is given Custodian and the Custodian shall promptly release to Certificateholdersthe Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Certificate Insurer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (x) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Hm Equ Pass THR Cert Ser 2003-2)
Final Distribution on the Certificates. (a) On the first Distribution Date on or after the date on which the aggregate Class Principal Balance of the [LIBOR] Certificates is less than [ ]% of the Initial Aggregate Certificate Principal Balance (such Distribution Date, the “Auction Call Date”), the Trustee or its agent shall solicit bids for the purchase of the Mortgage Loans, the Underlying Securities and all other property of the Trust Fund. To effectuate such sale, the Trustee (or an agent thereof) shall make reasonable efforts to sell all of the property of the Trust Fund for its fair market value in a commercially reasonable manner and on commercially reasonable terms, which shall include the good faith solicitation of competitive bids to prospective purchasers that are considered at the time to be competitive participants in the applicable mortgage market. The Trustee shall consult [ ] or any other financial advisor of its choice in order to identify potential bidders. The Trustee (or an agent thereof) shall sell all of the property of the Trust Fund to the highest bidder; provided, that (i) the sale price shall not be less than the Minimum Bid Price and (ii) the Trustee shall have received bids from no fewer than three prospective purchasers. The Trustee shall be entitled to reimbursement for all costs and expenses incurred by it under this Section 11.02(a). If after following the procedures set forth in the immediately preceding paragraph the Trustee is unable to identify a prospective purchaser of the Trust Fund property that is willing to pay the Minimum Bid Price therefor, the Trustee (or an agent thereof) shall repeat the above-specified process at three-month intervals until the property of the Trust Fund has been sold.
(b) On any Distribution Date on or after the first Distribution Date on which the Asset Balance for such date is less than ten percent of the Cut-off Date Asset Balance, either the Majority Holder of the Residual Certificates or the Master Servicer, acting directly or through one or more Affiliates, may purchase from the Trustee all (but not fewer than all) of the Loan Assets and all other property of the Trust Fund at a cash price equal to the sum of (w) the greater of (i) the sum of the unpaid principal balance of each Mortgage Loan and the Underlying Securities Balance immediately prior to the date of purchase and (ii) the fair market value of such Mortgage Loans and Underlying Securities (disregarding accrued interest), (x) any accrued and unpaid interest on the Mortgage Loans from the date as to which interest was last paid to (but not including) the Due Date in the Due Period immediately preceding the related Distribution Date, calculated at the Mortgage Rate thereon and any accrued and unpaid interest on the Underlying Securities to but not including the related Distribution Date, (y) any unreimbursed Servicing Advances with respect to such Mortgage Loan and (z) the fair market value of all other property of the Trust Fund (such amount, the “Termination Price”). Either the Majority Holder of the Residual Certificates or the Master Servicer, as applicable shall deliver written notice of its intention to exercise such option to the Trustee and the Master Servicer no fewer than ten days prior to the applicable Distribution Date. The right of the Majority Holder of the Residual Certificates so to exercise such optional purchase right is superior to such right of the Master Servicer. The Master Servicer may only exercise such optional right if the Majority Holder of the Residual Certificates explicitly declines to do so. In connection with such purchase, the Master Servicer shall remit to the Trustee all amounts then on deposit in the Collection Account in respect of the related Total Distribution Amount for deposit to the Certificate Distribution Account, which deposit shall be deemed to have occurred immediately preceding such purchase.
(c) If on any Determination Date, Date the Trustee Master Servicer determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Master Servicer or the Majority Holder above of the Residual Certificates elects to terminate the Trust Fund pursuant to clause (b) of Section 9.0111.02, at least 20 [ ] days prior to the date notice is to be mailed to the affected Certificateholders such Person the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor such Person intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th [ ] day and not no later than the 15th [ ] day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders5.08, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Class Principal Balance thereof plus accrued interest thereon (or on their Class Notional AmountBalance, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R [ ] Certificateholders shall be entitled to all al unclaimed funds and other assets of the Trust Fund which remain subject hereto hereto. In connection with any purchase of the property of the Trust Fund pursuant to paragraphs (a), (b) or (c) of this Section 11.02, the Master Servicer shall reimburse itself and the Servicer for any amounts to be reimbursed to the Master Servicer or the Servicer pursuant to this Agreement from funds in the Collection Account prior to remitting the balance of the funds in the Collection Account to the Certificate Distribution Account. Promptly following any such purchase pursuant to paragraphs (a), (b) or (c) of this Section, the Trustee shall be discharged from all further liability with respect release the Mortgage Files to the Certificates and purchaser of such Mortgage Loans pursuant to this AgreementSection 11.02, or otherwise upon its order.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HMB Acceptance Corp.)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Olympus elects to terminate the Trust Fund exercise a purchase option pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Olympus shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund exercise such purchase option and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundpurchase option pursuant to Section 9.01, specifying the Distribution Date on which affected Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to such Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the affected Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. Upon presentation and surrender of the affected Certificates, the Trustee shall cause to be distributed to the such Certificateholders of each affected Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Balance thereof plus accrued interest thereon related Senior Certificates, and then to the Class M-1, Class M-2 and Class B Certificates (or on their Notional Amount, if applicable) in the case of a surrender of the Group 1 and Group 2 Certificates) or the Class M-F-1, Class M-F-2 and Class B-F Certificates (in the case of a surrender of the Group 3 Certificates) sequentially, in that order, an interest-bearing Certificate amount equal to the Class Principal Balance thereof plus Current Interest and any Carryforward Interest and (B) to the extent of available funds (other than funds described in clause (ii) as to below) after the Residual Certificatesdistributions in clause (i)(A) above, the amount, if any, which remains on deposit amounts referred to and in the Collection Accounts (other than the amounts retained to meet claimsorder described in Section 4.02(g) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, B. through I. or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.Section 4.02(h)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to Notice of Final Distribution each Certificateholder. If the Optional Termination Holder above Servicer or the Class X Certificateholder elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer or the Class X Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and 107 surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-He2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Terminating Entity elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Terminating Entity shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Terminating Entity intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Terminating Entity’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the CertificateholdersCertificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any Group 1 A-P Deferred Amount, in the case of the Class A-P Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationsubject hereto, and then the Class A-R Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-R Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2007-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer, or the Servicer is no longer acting as Servicer, the Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer or the Master Servicer, as applicable, shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Servicer or Master Servicer, as applicable, intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Servicer's or Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the CertificateholdersCertificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationsubject hereto, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Starm Mortgage Loan Trust 2007-2)
Final Distribution on the Certificates. If If, on any Determination Remittance Date, the Servicers notify the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholderthe applicable Certificateholders. If the Optional Termination Holder above Majority Class X Certificateholder elects to direct GreenPoint or any other Eligible Party to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders Certificateholders, the Majority Class X Certificateholder shall enter into an agreement with GreenPoint or such Person other Eligible Party ("Optional Termination Agreement"), which, among other things, shall require GreenPoint or such other Eligible Party to notify the Servicers and the Trustee of the date the Depositor Majority Class X Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event GreenPoint or any such other Eligible Party purchases the Mortgage Loans (and REO Properties) pursuant to Section 9.01(a) prior to the Remittance Date, Optional Termination Agreement shall require the Majority Class X Certificateholder to remit to GreenPoint or any such other Eligible Party the applicable Termination Price on the Business Day immediately preceding the Remittance Date of the related month and require GreenPoint or any such other Eligible Party to remit such funds to the Trustee on such Remittance Date. In the event GreenPoint or any such other Eligible Party purchases the Mortgage Loans (and REO Properties) pursuant to Section 9.01(a) after the Remittance Date, the Optional Termination Agreement shall require the Majority Class X Certificateholder to remit the applicable Termination Price in immediately available funds to GreenPoint or any such other Eligible Party one Business Day after such Notice of Final Determination is given and shall require GreenPoint or any such other Eligible Party to remit such funds to the Trustee at least two Business Days prior to the applicable Distribution Date. GreenPoint or any such other Eligible Party shall be entitled to reasonably rely on a representation from the Majority Class X Certificateholder that it is the Majority Class X Certificateholder and is entitled under this Agreement to direct GreenPoint or any such other Eligible Party to terminate the Trust Fund. The Majority Class X Certificateholder shall reimburse GreenPoint or any such other Eligible Party for its reasonable out of pocket expenses incurred in connection with its termination of the Trust Fund at the direction of the Majority Class X Certificateholder and shall indemnify and hold harmless GreenPoint or any such other Eligible Party for any losses, liabilities or expenses resulting from any claims directly resulting from or relating to the termination of the Trust Fund at the direction of the Majority Class X Certificateholder, except to the extent such losses, liabilities or expenses arise out of or result from GreenPoint's or any such other Eligible Party's negligence, bad faith or willful misconduct. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Majority Class X Certificateholder as GreenPoint's or any such other Eligible Party's designee (as shall be provided in the Optional Termination Agreement) the Custodial Files for the Mortgage Loans. GreenPoint or any such other Eligible Party is an intended third party beneficiary with respect to its rights to reimbursement and indemnification under this Section 9.02. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each CertificateholderCertificateholder and the Class 1-A-3 Insurer. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person and the Class 1-A-3 Insurer, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders and the Class 1-A-3 Insurer mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Class 1-A-3 Insurer and the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, on the final Distribution Date, in the case of the CertificateholdersClass 1-A-3 Insurer, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the Certificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of subject hereto and the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationClass 1-A-3 Insurer, with respect to any Reimbursement Amounts and Additional Reimbursement Amounts, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and to the Swap Counterparty. If the Optional Termination Holder above Master Servicer (upon instruction from the Depositor or voluntarily) elects to terminate exercise their option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.0111.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor, the Derivative Counterparty and the Trustee Securities Administrator of (a) the date on which the Depositor Master Servicer intends to terminate exercise such purchase option and (b) the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesTermination Price. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to the Swap Counterparty and to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Securities Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. The Securities Administrator shall timely provide the Servicer with the appropriate wiring instructions in respect of any such remittance. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Master Servicer, the Securities Administrator, the Depositor, the Trustee and the Swap Counterparty hereunder and payment of any amounts due to the Supplemental Interest Trust as provided under Section 4.02), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. .. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Hsi Asset Securitization Corp Trust 2007-Opt1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee determines Servicers determine that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, the Servicers shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above either Servicer individually elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, such Servicer shall notify the other Servicers of such election at least 30 days prior to the date of the Notice of Final Distribution and such other Servicers shall have 5 days to elect to purchase the Mortgage Loans it services. If either Servicer or both Servicers so elect to terminate, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders Certificateholders, such Person Servicer or Servicers shall notify the Servicers Depositor and the Trustee of the date the Depositor intends such Servicer or Servicers intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, each Servicer shall cause all funds in its Collection Account to be remitted to the Trust Fund, specifying Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to Certificateholdersapplicable Servicer or Servicers, as the case may be, the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicers, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not no later than the 15th 10th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any Class PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Pass THR Certs Ser 1998-1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the any Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and to the Swap Counterparty. If the Optional Termination Holder above Master Servicer (upon instruction from the Depositor or voluntarily) elects to terminate exercise their option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.0111.01, at least 20 [ ] days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor, the Swap Counterparty and the Trustee Securities Administrator of (a) the date on which the Depositor Servicer intends to terminate exercise such purchase option and (b) the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesTermination Price. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th [ ]th day and not later than the 15th [ ]th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to the Swap Counterparty and to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Master Servicer, the Securities Administrator, the Depositor, the Trustee and the Swap Counterparty hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class [X] Certificates), the Certificate Balance thereof plus for each such Class and the Class [X] Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six [six] months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six [six] months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R [R] Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Hsi Asset Securitization Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Vesta elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Vesta shall notify the Servicers other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Senior Certificates, and then to the Class M-1, Class M-2 and Class B Certificates sequentially, in that order, an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interestorder described in Section 4.02(d)B-bearing Certificate and H, (ii) as to the Residual Class P Certificates, the aggregate amount, if any, of all Prepayment Premiums for Vesta Serviced Loans which remains remain on deposit in the Collection Accounts and the Certificate Account and (other than iii) as to the amounts retained Class X Certificates, the amount due to meet claims) after application pursuant to clause the Class X Certificate under this agreement, not paid (i) abovebut in no way exceeding the amount in the Collection Account). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Pass Through Certificates Series 2001-He16)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable 113 to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Home Equity Mortgage Pass Through Certificates Series 2003-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer or the Class X Certificateholder elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer or the Class X Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter Custodian of a Request for Release therefor, the Custodian shall promptly release to Certificateholders mailed not earlier than the 10th day and not later than Servicer the 15th day of Custodial Files for the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to CertificateholdersMortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. 122 In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Final Distribution on the Certificates. If If, on any Determination Remittance Date, the Trustee determines Servicer notifies the Securities Administrator that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Custodial Account, the Trustee Securities Administrator shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholderthe applicable Certificateholders. If the Optional Termination Holder above elects Depositor exercises its option to request that the Servicer terminate the Trust Fund pursuant to Section 9.0110.01, at least 20 days prior the Servicer, pursuant to the date notice is to be mailed to Step 2 Assignment Agreement and by no later than the affected Certificateholders such Person tenth (10th) day of the month of final distribution, shall notify the Servicers Trustee and the Trustee Securities Administrator of the date the Depositor intends to terminate the Trust Fund final Distribution Date and of the applicable repurchase sale price of the Mortgage Loans and REO Properties. Notice of any termination of In the event the Mortgage Loans (and REO Properties) and all rights and obligations under the Servicing Agreement are sold pursuant to Section 10.01 and pursuant to the Step 2 Assignment Agreement, the Servicer is required thereunder to remit to the Securities Administrator the applicable Termination Price on the applicable Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund, specifying Fund and the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly receipt by the Trustee by letter to Certificateholders mailed not earlier than Securities Administrator and the 10th day and not later than Custodians of a request for release therefor in the 15th day form of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedExhibit L-1, (b) the amount of such final distributionL-2 or L-3 hereto, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice direct the ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇elease and the relevant Custodians shall promptly release to each Rating Agency at the time such notice is given to CertificateholdersTrustee or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Depositor, the Securities Administrator, the Trustee and the Custodians hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account after application pursuant to clause (i) above (other than the amounts retained to meet claims) after application pursuant ). The foregoing provisions are intended to clause (i) abovedistribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or notional principal balances set forth in the Preliminary Statement upon liquidation of the Trust Fund. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of subject hereto and the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A LR and Class A-R UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-3)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall and the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify the Servicers Servicer, the Trustee and the Trustee Trust Administrator of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Fremont 2005-A Pooling & Servicing Agreement give such Notice of any termination of the Trust Fund, specifying the Final Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trust Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee or the Trust Administrator of a Request for Release therefor, the Trustee or the Trust Administrator shall promptly release to the Depositor or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Master Servicer, the Trust Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class C Certificates), the Certificate Balance thereof plus for each such Class and the Class C Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which 124 such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer or the Class X Certificateholder elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer or the Class X Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc CDC Mort Cap Tr 2003 He4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Terminating Entity elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Terminating Entity shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, Offered Certificates and the Certificate Class A-IO-2 Certificates (A) an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate and order described in Section 4.02(e)(iii) through (ix); (ii) as to the Residual Class A-IO-S Certificates, the amountaggregate Excess Servicing Fee due to the Class A-IO-S Certificates and not paid and (iii) as to the Class X Certificates, the amount due to the Class X Certificate under this Agreement, not paid (but in no way exceeding the amount in the Collection Account). Notwithstanding the foregoing, if the final Distribution Date has occurred as a result of a Terminating Entity’s purchase of the Trust Fund pursuant to Section 9.01(A), all amounts, if any, which remains on deposit in excess of the Collection Accounts (other than Par Value shall be distributed by the amounts retained Trustee directly to meet claims) after application pursuant to clause (i) abovethe Class X Certificates. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Home Equity Pass Through Certs Ser 2003-4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans Assets and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of subject hereto and the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A LR and Class A-R UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-6)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Servicer shall direct the Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and to the Swap Counterparty. If the Optional Termination Holder above Servicer elects to terminate exercise its option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.0111.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor, the Swap Counterparty, the Securities Administrator and the Trustee PMI Insurer of (a) the date on which the Depositor Servicer intends to terminate exercise such purchase option and (b) the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesTermination Price. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to the Swap Counterparty and to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Master Servicer, the Securities Administrator, the Depositor, the Trustee and the Swap Counterparty hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HASCO Trust 2005-Opt1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and the second notice (i) the Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC and Middle-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-10)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee determines Servicers determine that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, the Servicers shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above either Servicer individually elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, such Servicer shall notify the other Servicer of such election at least 30 days prior to the date of the Notice of Final Distribution and such other Servicer shall have 5 days to elect to purchase the Mortgage Loans it services. If either Servicer or both Servicers so elect to terminate, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders Certificateholders, such Person Servicer or Servicers shall notify the Servicers Depositor and the Trustee of the date the Depositor such Servicer or Servicers intend or intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, each Servicer shall cause all funds in its Collection Account to be remitted to the Trust Fund, specifying Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer or Servicers, as the case may be, the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Trust 2002-He1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Olympus elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Olympus shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (xii) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in 4.02 hereof on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, Upper-Tier REMIC that remain subject hereto and (i) the Class A-R LR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Lower-Tier REMIC and (ii) the Class UR Certificateholders shall be entitled to all unclaimed funds and other assets of the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages 2004-14)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, on the final Distribution Date, in the case of the CertificateholdersCertificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationsubject hereto, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Seasoned Securitization Trust 2005-2)
Final Distribution on the Certificates. 136 If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each CertificateholderCertificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Terminating Party elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date. Upon such final deposit and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Terminating Party the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their 137 Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2004-Bc4)
Final Distribution on the Certificates. If on any Determination Remittance Date, a Servicer notifies the Trustee determines Securities Administrator in writing that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, such Servicer shall direct the Trustee shall Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Avelo or Litton, as applicable, elects to terminate the Trust Fund pursuant to c▇▇▇▇▇ (a) of Section 9.0111.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, Avelo or Litton, as applicable, shall notify the Servicers Depositor, the Master Servicer, ▇▇▇ ▇ecurities Administrator and the Trustee in writing of the date the Depositor Litton or Avelo, as applicable, intends to terminate the Trust Fund and of the ▇▇ ▇▇e applicable repurchase price Termination Price of the Mortgage Loans and REO Properties. Notice Notwithstanding anything to the contrary herein, prior to any election by Avelo to terminate the Trust Fund pursuant to Section 11.01(a) on any D▇▇▇▇▇bution Date on which the aggregate Stated Principal Balance of any termination the Mortgage Loans, as of the last day of the related Due Period, is equal to 5% or less of the Cut-off Date Pool Principal Balance, Avelo will be required to secure written notice from the Securities Administrator that Litton has refused to exercise its option to terminate the Trust Fund.
A Notice of Final Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, Avelo and Litton, as applicable, shall promptly deposit such funds in the applica▇▇▇ ▇▇llection Account. During the time such funds are held in such Collection Account, such funds shall be invested, at the direction of Avelo and Litton, as applicable, in Permitted Investments, and Avelo and Litton, ▇▇ ▇▇▇licable, shall be entitled to all income from such invest▇▇▇▇▇, and shall be responsible for all losses from such investments. In connection with any such termination of the Trust Fund, Avelo and Litton, as applicable, shall cause all funds in the Collection Account, ▇▇▇▇▇ding the applicable Termination Price for the Mortgage Loans and REO Properties to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the applicable Custodian of a Request for Release therefor, the applicable Custodian, shall promptly release to Avelo and Litton, as applicable, or its designee, the Custodial Files for the Mor▇▇▇▇▇ Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the applicable Servicer (including all unreimbursed Advances and any Servicing Fees accrued and unpaid as of the date the Termination Price is paid), the Depositor, the Master Servicer, the Securities Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Residual Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (GSAMP Trust 2006-He7)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee determines Servicers determine that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, the Trustee Wells Fargo, Saxon or JPMorgan, individually or together, shall direct ▇▇▇ ▇ecurities Administrator promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Wells Fargo, Saxon or JPMorgan, individually elects to terminate the Tr▇▇▇ ▇und pursuant to clause (a) of Section 11.01, such Servicer shall notify the other Servicer of such election by the 15th day of the month preceding the month of the final distribution and the other Servicer shall have 5 days to elect, by notice to the other Servicer, to purchase the Mortgage Loans it services. If Wells Fargo, Saxon or JPMorgan, individually or together, so elect to t▇▇▇▇▇ate the Trust Fund pursuant to clause (a) of Section 9.0111.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders month preceding the month of the final distribution, such Person Servicer or Servicers shall notify the Servicers Depositor, the Master Servicer and the Trustee Securities Administrator of the date the Depositor intends such Servicer or Servicers intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, each Servicer shall cause all funds in its Collection Account to be remitted to the Trust Fund, specifying Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to Certificateholdersapplicable Servicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicers, the Countrywide Servicer, the Depositor, the Swap Provider, the Master Servicer, the Securities Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley IXIS Real Estate Capital Trust 2006-1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines receives notice that there are no Outstanding Mortgage Loans and no other funds or assets in the an Underlying Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed terminated in accordance with the terms of the related Underlying Agreement, notice shall be given by the Trustee to the affected related Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesas promptly as practicable thereafter. Notice of any termination of the Trust Fundan Underlying Trust, specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to such Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distributiondistribution and not later than as promptly practicable after the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the related Underlying Agreement. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall will also give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon the final distribution with respect to the Trust Fund, the Trustee shall promptly release to the Holder of the Class A-R Certificate the Deposited Underlying Certificates. Upon presentation and surrender of Certificates in a Certificate Group for payment of the Certificatesfinal distribution and cancellation, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass in that Certificate Group, in each case on the final Distribution Date and in the order set forth in Section 4.023.04 hereof, in on the case of the Certificateholders, final Distribution Date in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account with respect to the related Deposited Underlying Certificates (other than the amounts retained to meet claims) after application pursuant to clause (i) above. Notwithstanding the reduction of the Class Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, the Underlying Certificate Seller, and the Trustee hereunder in accordance with Article VII. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificateholder shall be entitled to all unclaimed funds and other assets of the Trust Fund in respect thereof which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Trust Agreement (Alternative Loan Trust Resecuritization 2008-1r)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate a portion of the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the by purchasing certain Mortgage Loans and REO PropertiesProperties by no later than the 10th day of the month of the expected final distribution, the Master Servicer shall notify the Depositor and the Trust Administrator of the Distribution Date on which the Master Servicer intends to terminate such portion of the Trust Fund; provided, however, if the Trust Administrator and the Master Servicer are not the same Person, then such notice shall occur by no later than the 7th day of the month of the expected final distribution for the related Certificates. Notice of any termination of a portion of the Trust Fund, specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to the related Certificateholders mailed not earlier later than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In connection with any such termination of a portion of the Trust Fund, the Master Servicer shall cause all funds in the Collection Account, including the Clean-up Call Mortgage Loan Price and Clean-up Call REO Property Price for the related Mortgage Loans and REO Properties, respectively, to be remitted to the Trust Administrator for deposit in the Distribution Account no later than the Business Day prior to the applicable Distribution Date. Upon such final deposit by the Master Servicer with respect to the Trust Fund and the receipt by the Trust Administrator of a Request for Release therefor, the Trust Administrator shall promptly release to the Master Servicer, or its designee, the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of final Distribution Date for the Certificateholdersrelated Certificates, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) and (iii) as to the Class 1-A-X or Class 2-A-X Certificates, the amount, if any, that remains on deposit in the Group 1 Basis Risk Account or the Group 2 Basis Risk Account, as applicable (other than the amounts retained to meet claims), after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of Lower-Tier REMIC A and Lower-Tier REMIC B and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2005-6)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor, the Trust Administrator and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not no later than the 15th 10th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2001-1)
Final Distribution on the Certificates. If If, on any Determination Remittance Date, the Trustee determines Servicers notify the Securities Administrator that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholderthe applicable Certificateholders. If the Optional Termination Holder above elects Avelo exercises its option to terminate the Trust Fund pursuant to clause (a) of Section 9.0111.01, at least 20 days prior or if an Auction Call is requested pursuant to clause (b) of such Section, the Master Servicer, pursuant to the date notice is to be mailed to applicable Step 2 Assignment Agreements and by no later than the affected Certificateholders such Person tenth (10th) day of the month of final distribution, shall notify the Servicers Trustee, each Servicer and the Trustee Securities Administrator of the date the Depositor intends to terminate the Trust Fund final Distribution Date and of the applicable repurchase sale price of the Mortgage Loans and REO Properties. Notice of any termination In the event the Mortgage Loans (and REO Properties) and all rights and obligations under the Servicing Agreements are purchased or sold pursuant to Section 11.01 and pursuant to the applicable Step 2 Assignment Agreement, the Master Servicer on behalf of the Trustee is required thereunder to remit to the Securities Administrator the applicable Termination Price on the applicable Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund, specifying Fund and the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly receipt by the Trustee by letter to Certificateholders mailed not earlier than Securities Administrator and the 10th day and not later than Custodians of a request for release therefor in the 15th day form of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedExhibit L, (b) the amount of such final distributionExhibit L-1 or Exhibit L-2, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation the Master Servicer shall direct the Custodians to release and surrender of the Certificates at relevant Custodians shall promptly release to the office therein specified. The Trustee shall give such notice to each Rating Agency at Master Servicer or its designee the time such notice is given to CertificateholdersCustodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Depositor, the Master Servicer, the Securities Administrator, the Trustee and the Custodians hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account after application pursuant to clause (i) above (other than the amounts retained to meet claims) after application pursuant ). The foregoing provisions are intended to clause (i) abovedistribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or notional principal balances set forth in the Preliminary Statement upon liquidation of the Trust Fund. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six (6) months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one (1) year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-19)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds 163 in the Collection Accounts and Certificate AccountAccount related to such Loan Group, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder and the Guarantor or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders and the Guarantor within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Terminator elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor, the Guarantor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Terminator will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class and the Guarantor the amounts allocable to such Certificates and the Guarantor held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders . Notwithstanding the reduction of the same Class, an amount equal to (i) as to each Certificate Principal Balance of any Class of Regular CertificatesCertificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions (if any) to which it may be entitled pursuant to the terms of this Agreement and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, each Seller, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) Master Servicer and the Trustee hereunder in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveaccordance with Article IX. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned 164 written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Guarantor, with respect to any unpaid Class 1-AV-1 Guarantor Reimbursement Amounts, and then the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-7)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to Notice of Final Distribution each Certificateholder. If the Optional Termination Holder above Servicer or the Class X Certificateholder elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer or the Class X Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit 115 in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Pass THR Cert Ser 2003-He1)
Final Distribution on the Certificates. If If, on any Determination Remittance Date, the Trustee determines Servicers notify the Securities Administrator that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholderthe applicable Certificateholders. If the Optional Termination Holder above elects Depositor exercises its option to terminate the Trust Fund pursuant to clause (a) of Section 9.0111.01, at least 20 days prior by no later than the 10th day of the month of the final distribution, the Master Servicer, pursuant to the date notice is to be mailed to the affected Certificateholders such Person applicable Step 2 Assignment Agreements, shall notify the Servicers Trustee, each Servicer and the Trustee Securities Administrator of the date the Depositor intends to terminate the Trust Fund final Distribution Date and of the applicable repurchase sale price of the Mortgage Loans and REO Properties. Notice of any termination of In the event the Mortgage Loans (and REO Properties) are purchased or sold pursuant to Section 11.01 and pursuant to the applicable Step 2 Assignment Agreement, the Trustee is required thereunder to remit to the Securities Administrator the applicable Termination Price on the applicable Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund, specifying Fund and the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly receipt by the Trustee by letter to Certificateholders mailed not earlier than Securities Administrator and the 10th day and not later than Custodians of a Request for Release therefor in the 15th day form of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedExhibit T or T-1, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation the Master Servicer shall direct the Custodians to release and surrender of the Certificates at relevant Custodians shall promptly release to the office therein specified. The Trustee shall give such notice to each Rating Agency at Master Servicer or its designee the time such notice is given to CertificateholdersCustodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Depositor, the Trustee and the Custodians hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account after application pursuant to clause (i) above (other than the amounts retained to meet claims) after application pursuant ). The foregoing provisions are intended to clause (i) abovedistribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or notional principal balances set forth in the Preliminary Statement upon liquidation of the Trust Fund. In the event that any affected Certificateholders Certificateholder shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-12)
Final Distribution on the Certificates. (a) Timing of Notice of Final Distribution, Auction or Optional Termination
(i) If on any Determination Date, (1) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, then the Master Servicer shall direct the Trustee to send a final distribution notice promptly to each Certificateholder and the Certificate Insurer in accordance with Section 9.02(b) or (2) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders and the Certificate Insurer within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. In the event such notice is given pursuant to clause (1), the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on or before the Business Day prior to the applicable Distribution Date , net of any amounts permitted to be withdrawn pursuant to Section 3.08(a). Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly send a final distribution release to the Master Servicer the Mortgage Files for the Mortgage Loans.
(ii) If the Directing Certificateholder chooses to exercise its right to cause an auction pursuant to Section 9.04, then the Directing Certificateholder shall provide written notice to each Certificateholderthe Master Servicer no later than the 1st day of the calendar month in which such auction is to be conducted. If a Successful Auction is held pursuant to the Optional Termination Holder above requirements of Section 9.04, then the Trustee shall distribute the proceeds of the Successful Auction that have been remitted to the Distribution Account to the Certificateholders pursuant to Sections 4.04 and 9.04 hereof on the Distribution Date in the calendar month immediately following the calendar month in which the Successful Auction occurs.
(iii) If the Directing Certificateholder does not exercise its right to cause an auction pursuant to Section 9.04 and the Terminator (after prior written notice to the Master Servicer if the Terminator is the NIM Insurer) elects to terminate the Trust Fund pursuant to Section 9.01, then at least 20 days prior to the date notice is to be mailed to Certificateholders in accordance with Section 9.02(b), the affected Certificateholders such Person Terminator shall notify in writing the Servicers Depositor, the Certificate Insurer and the Trustee of (a) its election to terminate the date Trust Fund, (b) the Depositor Distribution Date on which it intends to terminate the Trust Fund pursuant to Section 9.01 and of (c) the applicable repurchase purchase price of the Mortgage Loans and REO Properties. In the event such notice is given, the Terminator shall remit to the Master Servicer, on or before the Business Day prior to the final Distribution Date, for deposit into the Certificate Account, the Termination Price. The Master Servicer shall cause all funds in the Certificate Account, including the Termination Price, net of any amounts permitted to be withdrawn pursuant to Section 3.08(a), to be remitted to the Trustee for deposit in the Distribution Account on or before the Business Day prior to the applicable Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans.
(b) Timing of Notice to Certificateholders of Termination. Notice of any termination of the Trust FundFund (whether because of a Successful Auction, Optional Termination or otherwise), specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (ai) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (bii) the amount of such final distribution, (ciii) the location of the office or agency at which such presentation and surrender must be made, and (div) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the Certificateholders. .
(c) Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class and the Certificate Insurer the amounts allocable to such Certificates and the Certificate Insurer held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof (and with respect to the Class C Certificates after a Successful Auction as set forth in Section 9.04(g) and (k)) on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders . Notwithstanding the reduction of the same Class, an amount equal to (i) as to each Certificate Principal Balance of any Class of Regular CertificatesCertificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions (if any) to which it may be entitled pursuant to the terms of this Agreement and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, each Seller, the Certificate Balance thereof plus accrued interest thereon Master Servicer and the Trustee hereunder in accordance with Article IX.
(or on their Notional Amount, if applicabled) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender their respective Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Certificate Insurer, with respect to any unpaid Certificate Insurance Reimbursement Amounts, and then the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2007-S1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (A) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and the second notice all Certificates shall not have been surrendered for cancellation, (i) the Class A-R LR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Lower-Tier REMIC and (ii) the Class A-UR Certificateholders shall be entitled to all unclaimed funds and other assets of the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2004-5)