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

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 10 contracts

Sources: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Harbor View Mortgage Loan Trust 2005-14), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-10)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith as a Servicing Advance in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds pursuant to Sections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 9 contracts

Sources: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-A1), Pooling and Servicing Agreement (Merrill Lynch Investors Trust, Series 2006-A2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of this Subsection 4.05 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 7 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2004-7), Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2004-6), Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2004-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicers (to the extent such Servicing Fee was not retained by a Servicer pursuant to Section 3.14; (ix) the related Servicing Agreement), the Credit Risk Management Fee to pay the Master Servicer any investment income; (x) Credit Risk Manager for such Distribution Date and to reimburse the Master Servicer for premiums payable in connection with any expenses recoverable lender paid mortgage insurance and for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 6.3, 8.5 and 3.27;10.1. (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodians and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreements; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.019.1. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.014.1.

Appears in 6 contracts

Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Af1), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Arm Tr 2004 1), Pooling and Servicing Agreement (Bear Stearns Arm Trust Mort Pass THR Certs Ser 2003-6), Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-9)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallPaying Agent will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of this Subsection 4.05 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Agent shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2005-6), Pooling and Servicing Agreement (Bear Stearns Arm Trust, Mortgage Pass-Through Certificates, Series 2005-11), Pooling and Servicing Agreement (Bear Stearns Arm Trust 2005-12)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to a Servicer, to the Master Servicer, to this Agreement or as the Trustee or to itself deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement): (i) to reimburse itself or the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer Trustee or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer Trustee or any the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable by it pursuant to Sections 3.03 and 3.27Excess Liquidation Proceeds; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 this Agreement; (including those related xii) to pay itself the fees and expenses of the Custodian)Trustee Fee set forth in Section 9.05; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi) and (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar1), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar5), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to time, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Securities Administrator has designated for such transfer or withdrawal pursuant to a Servicer, to this Agreement and the Master Servicer, to the Trustee or to itself for the following purposesServicing Agreements: (i1) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii2) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii3) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay ; provided that the Master Servicer or shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any Servicer, amounts with respect to such Mortgage Loan were paid as appropriate, from Excess Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled pursuant to receive under subclause clause (xxi) of this Subsection 4.03(a3.20(a) as servicing compensation on account to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related MortgagorExcess Liquidation Proceeds; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi4) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii5) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i1) and (vi4); (viii6) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (x7) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 3.276.03; (xi8) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer; (9) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii10) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii11) to remove amounts deposited in error; and (xiv12) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i1) through (vii), inclusive and subclause (x4) immediately above or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b)Servicer. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds distribute the amounts on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with pursuant to Section 5.014.01.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-1), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2005-2), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallMaster Servicer will, from time to timetime on demand of a Servicer, withdraw the Securities Administrator, or transfer funds for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Distribution Account to Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master ServicerServicer has determined to be appropriate in accordance herewith, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay reimburse the Master Servicer or the Securities Administrator for any investment incomeexpenses recoverable by the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.31; (x) to reimburse the Master Servicer for pay ▇▇▇▇▇▇▇▇▇, as a Servicer, any expenses recoverable by it Prepayment Penalty Amounts and any earnings payable pursuant to Sections 3.03 Section 4.02(c), and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee, the Delaware Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust pursuant to Sections 3.273.30, 3.31 or 8.05 or 8.10 (including those related to the fees Custodian, to the extent not paid by ▇▇▇▇▇▇▇▇▇), and to reimburse the Trustee for any fees, costs and expenses costs incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not otherwise reimbursed to it; (xii) to make distributions of Retained Interest to the CustodianRetained Interest Holder on each Distribution Date; (xiii) to pay to ▇▇▇▇▇▇▇▇▇ (in its capacity as a Servicer) all investment earnings on amounts on deposit in the Distribution Account to which it is entitled under Section 4.02(c); (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive inclusive, (ix) and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in the Distribution Account to the extent of distribute the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-1), Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-6), Pooling and Servicing Agreement (Zuni 2006-Oa1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Servicing Agreements or as the Trustee or to itself deems necessary for the following purposes: (i1) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii2) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii3) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay ; provided that the Master Servicer or shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any Servicer, amounts with respect to such Mortgage Loan were paid as appropriate, from Excess Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled pursuant to receive under subclause clause (xxi) of this Subsection 4.03(a3.20(a) as servicing compensation on account to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related MortgagorExcess Liquidation Proceeds; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi4) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii5) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i1) and (vi4); (viii6) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (x7) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 3.276.03; (xi8) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer; (9) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii10) to reimburse the Trustee and the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii11) to remove amounts deposited in error; and (xiv12) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Certificate Account pursuant to subclauses (i1) through (vii), inclusive and subclause (x4) immediately above or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b)Servicer. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the amounts on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with pursuant to Section 5.014.01.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-3), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-3), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to the Trustee or to itself this Agreement for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or any advance of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith as a Servicing Advance in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds pursuant to Sections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the applicable Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in this Agreement or the related Applicable Servicing Agreement, as applicable; (xii) to reimburse the Trustee and or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for the Mortgage Loans to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar4), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar3), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a the Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such the Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.143.18; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 3.09 and 3.273.22; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.273.22, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiii) to remove amounts deposited in error; (xiv) [reserved]; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar4), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar3), Pooling and Servicing Agreement (Greenwich Dsla Mortgage Loan Trust 2005-Ar1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicers (to the extent such Servicing Fee was not retained by a Servicer pursuant to Section 3.14; (ix) the related Servicing Agreement), the Credit Risk Management Fee to pay the Master Servicer any investment income; (x) Credit Risk Manager for such Distribution Date and to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 6.3, 8.5 and 3.27;10.1. (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the such Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodians and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreements; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.019.1. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the related Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.014.1.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2003 3), Pooling and Servicing Agreement (Bear Stearns Arm Trust 2003-4), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallPaying Agent will, from time to timetime on written demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Agent shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with written distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2005-4), Pooling and Servicing Agreement (Prime Mortgage Trust 2005-4), Pooling and Servicing Agreement (Prime Mortgage Trust 2005-5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds pursuant to Sections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in distribute the Distribution Account to the extent of the aggregate Group Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-9), Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-10), Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-11)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreement or to itself as the Securities Administrator deems necessary for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05 (a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the Servicer; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Securities Administrator, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1), Pooling and Servicing Agreement (MortgageIT Trust 2005-Ar1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the related Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those the related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp. Series 2005-Ar5), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-Ar4), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation ProceedsProceeds and the Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer or the Securities Administrator for any expenses recoverable by it the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.273.32; (xix) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable related Servicing Agreement and have not been retained by or paid to the such Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.273.31, 3.32 or 8.05, and to reimburse the Trustee for any fees, costs and expenses incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.10 (including those related 8.07, to the fees and expenses of extent not otherwise reimbursed to it; (xii) to pay to the CustodianMaster Servicer all investment earnings on amounts on deposit in the Distribution Account to what it is entitled under Section 4.02(c); (xiii) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Section 8.19; (xiv) to pay the Credit Risk Manager the Credit Risk Manager Fee; (xv) to remove amounts deposited in error; and (xivxvi) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required to be made but not made by a Servicer and required to be made by the Master Servicer hereunder with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (viiviii), inclusive and subclause (xxi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds amounts to the Holders of the Certificates and any other parties entitled thereto, thereto in accordance with Section 5.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (HarborView 2007-7), Pooling and Servicing Agreement (HarborView 2007-7), Pooling and Servicing Agreement (HarborView 2007-4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Trustee as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Trustee as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer Trustee or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Trustee as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Trustee as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Trustee as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller; (viii) to pay reimburse the Master Servicer Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.12); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02; (xiii) to reimburse the Trustee and the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b)4.07. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw distribute funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.06.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Trust 2005-He3), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004-Ar4), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005 - AR1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Master Servicing Fee to the Master Servicer and the Credit Risk Management Fee to the Credit Risk Manager for such Distribution Date and the amount of any other servicing compensation payable income or gain realized from investments of funds on deposit in the Distribution Account pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) 3.14 hereof and to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 6.3, 8.5 and 3.2710.1; (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodian and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.019.1. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.014.1.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Deutsche Alt a Securities Inc Mort Loan Trust Ser 2003-4xs), Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2), Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicers (to the extent such Servicing Fee was not retained by a Servicer pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) related Servicing Agreement), for such Distribution Date and to reimburse the Master Servicer for premiums payable in connection with any expenses recoverable lender paid mortgage insurance and for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 6.3, 8.5 and 3.27;10.1. (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodians and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreements; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.019.1. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.014.1.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.03(a) to the Master Servicer and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi) of this Section 4.03(a); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Interest Funds and Principal Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Bear Stearns Trust Mortgage Pass-Through Certs Ser 2004), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator Trustee shall, from time to time, withdraw or transfer funds from the Distribution Account to a the Servicer, to the Master Servicer, to the Trustee Custodian or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceAdvance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14the Servicing Agreement; (ix) to pay the Master Servicer Trustee any investment income; (x) to reimburse pay the Master Servicer for Custodian its monthly Custodial Fee and any expenses recoverable by it other compensation payable pursuant to Sections 3.03 and 3.27the Custodial Agreement; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.277.02(d), 8.05 8.05, 8.10 or 8.10 (including those related to the fees and expenses of the Custodian)8.17; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xxii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc Harborview Mort Ln Tr 03 3), Pooling and Servicing Agreement (FNBA Mortgage Loan Trust 2004 AR1), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.03(a) to the Master Servicer and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi) of this Section 4.03(a); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). Reimbursements made pursuant to clauses (ix), (xi) and (xii) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Interest Funds and Principal Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 10), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 8), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 8)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer (or with respect to clause (l) hereto, withdraw on demand of the Trustee, the Securities Administrator or transfer funds the Custodian), make or cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator deems necessary for the following purposes: (ia) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (iib) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iiic) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (ivd) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (ve) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vif) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viig) to reimburse the Master Servicer or any Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viiih) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (xi) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.03, 7.04(c) and 3.27(d); (xij) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the related Servicer; (k) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiil) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiim) to remove amounts deposited in error; and; (xivn) to clear and terminate the Distribution Account pursuant to Section 10.01; and (o) to pay the Depositor as set forth in Section 4.04(e). (bp) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Securities Administrator, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.04(b). Reimbursements made pursuant to clauses (vii), (ix), (xi) and (xii) will be allocated between the Loan Groups or Sub-Loan Groups, as applicable, pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group or Sub-Loan Group, as applicable. (cq) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Interest Funds, as Paying Agent, shall withdraw funds Principal Funds and Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group or Sub-Loan Group, as applicable, to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-6), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-3), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). Reimbursements made pursuant to clauses (vii), (ix), (xi) and (xii) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 7), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 9), Pooling and Servicing Agreement (Bear Stearns Alt a Trust Mort Pass THR Certs Sers 2003-6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to a Servicer, to the Master Servicer, to this Agreement or as the Trustee or to itself deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement): (i) to reimburse itself or the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer Trustee or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer Trustee or any the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable by it pursuant to Sections 3.03 and 3.27Excess Liquidation Proceeds; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 this Agreement; (including those related xii) to pay the fees and expenses of the Custodian)Certificate Insurer its Aggregate Premium Amount; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi) and (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (GreenPoint MFT 2006-Ar2), Pooling and Servicing Agreement (GreenPoint MFT 2006-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to a Servicer, to the Master Servicer, to this Agreement or as the Trustee or to itself deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement): (i) to reimburse itself or the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer Trustee or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer Trustee or any the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable by it pursuant to Sections 3.03 and 3.27Excess Liquidation Proceeds; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixii) to remove amounts deposited in error; and (xivxiii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi) and (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4), Grantor Trust Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on written demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Servicing Agreements or as the Trustee or to itself has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement); (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to (1) amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was mademade and (2) to the extent of Amounts Held for Future Distributions with respect to the related Loan Group; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the any Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay ; provided that the Master Servicer or shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any Servicer, amounts with respect to such Mortgage Loan were paid as appropriate, from Excess Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled pursuant to receive under subclause clause (xviii) of this Subsection 4.03(a4.05(a) as servicing compensation on account to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor;Excess Liquidation Proceeds. (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (viiv) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to (1) amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were mademade and (2) to the extent of Amounts Held for Future Distributions with respect to the related Loan Group; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not already retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiiixi) to pay the Trustee as set forth in Section 9.05; (xii) to remove amounts deposited in error; and (xivxiii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.04(c). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay the Master Servicer, the Securities Administrator, the Custodians or the Trustee any expenses recoverable by the Master Servicer, the Securities Administrator, the Custodians or the Trustee pursuant to this Agreement or the Custodial Agreement, as applicable; (ii) to reimburse the Trustee as Successor Master Servicer, the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Trustee as Successor Master Servicer, the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Trustee as Successor Master Serivcer, the Master Servicer as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Trustee as Successor Master Servicer, the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee or the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.12); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of master servicing responsibilities of the terminated Master Servicer after the occurrence and continuance of a Master Servicer Default to the extent not paid by the terminated Master Servicer and to reimburse the Master Servicer for expenses incurred in the transfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to pay the Master Servicing Fee to the Master Servicer; (xiii) to reimburse the Trustee and the Securities Administrator Custodians for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer or Servicer without being deposited in the Distribution Account under Section 4.02(b)4.06. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw distribute out of funds then on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.06.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S2), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicers (to the extent such Servicing Fee was not retained by a Servicer pursuant to Section 3.14; (ix) the related Servicing Agreement), the Credit Risk Management Fee to pay the Master Servicer any investment income; (x) Credit Risk Manager for such Distribution Date and to reimburse the Master Servicer for premiums payable in connection with any expenses recoverable lender paid mortgage insurance and for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 7.3, 9.5 and 3.27;11.1. (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodians and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreements; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.0110.1 or Section 10.2. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.014.1.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator Trustee shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee Servicer or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14the Servicing Agreement; (ix) to pay the Master Servicer Trustee any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27[reserved]; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.277.02(d), 8.05 8.05, 8.10 or 8.10 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the fees and expenses Bank of the New York as Custodian); (xiii) to pay the Certificate Insurer its Aggregate Premium Amount; (xiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling Agreement (HarborView Mortgage Loan Trust 2005-10), Pooling Agreement (Mortgage Loan Pass-Through Certificates Series 2005-12)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to a Servicer, to the Master Servicer, to this Agreement or as the Trustee or to itself deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement): (i) to reimburse itself or the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer Trustee or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer Trustee or any the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable by it pursuant to Sections 3.03 and 3.27Excess Liquidation Proceeds; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixii) to remove amounts deposited in error; and (xivxiii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi) and (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.01(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (GreenPoint Mortgage Funding Trust 2005-Ar1), Grantor Trust Agreement (GreenPoint Mortgage Funding Trust 2005-Ar1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds pursuant to Sections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for fees, expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.0111.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in distribute the Distribution Account to the extent of the aggregate Group Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-12), Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2002-12)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as are designated for such transfer or withdrawal pursuant to a Servicer, to this Agreement (limited in the case of amounts due the Master Servicer, Servicer to those not withdrawn from the Trustee or to itself for Master Servicer Collection Account in accordance with the following purposesterms of this Agreement: (i) to reimburse the Master Servicer Servicer, the Company or any the Servicer for any unreimbursed Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer Servicer, the Company or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (ii) to reimburse the Master Servicer Servicer, the Company or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer Servicer, the Company or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer Servicer, the Company or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured unreimbursed expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer Servicer, the Company or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsServicer, the right to reimbursement pursuant to this subclause being limited to amounts received on Company or the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceServicing Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiiv) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.144.09; (ix) to pay the Master Servicer any investment income; (xvi) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 4.02, 8.04(c) and 3.27(d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xivii) to pay to the Master Servicer, as additional master servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the Servicer; (viii) to reimburse or pay any the Company or the Servicer any such amounts as are due thereto under this Agreement or the applicable First Horizon Servicing Agreement and have not been retained by or paid to the Company or the Servicer, to the extent provided herein or in the related First Horizon Servicing Agreement, as applicable; (xiiix) to reimburse the Trustee and Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 this Agreement (including those related to the fees and expenses of extent not reimbursed from the CustodianMaster Servicer Collection Account in accordance with Section 5.07); (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.0111.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiiv), inclusive inclusive, and subclause (xvi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b)5.08. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit distribute the Interest Remittance Amount and Principal Distribution Amount in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Saco I Trust 2005-8), Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee Trustee, to the Certificate Insurer or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation ProceedsProceeds and the Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer or the Securities Administrator for any expenses recoverable by it the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.273.32; (xix) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable related Servicing Agreement and have not been retained by or paid to the such Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.273.31, 3.32 or 8.05, and to reimburse the Trustee for any fees, costs and expenses incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.10 (including those related 8.07, to the fees and expenses of extent not otherwise reimbursed to it; (xii) to pay to the CustodianMaster Servicer all investment earnings on amounts on deposit in the Distribution Account to what it is entitled under Section 4.02(c); (xiii) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Section 8.19; (xiv) to pay the Certificate Insurer its Aggregate Premium Amount; (xv) to pay the Credit Risk Manager the Credit Risk Manager Fee; (xvi) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant to Section 8.19; (xvii) to remove amounts deposited in error; and (xivxviii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required to be made but not made by a Servicer and required to be made by the Master Servicer hereunder with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (viiviii), inclusive and subclause (xxi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds amounts to the Holders of the Certificates and any other parties entitled thereto, thereto in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (HarborView 2006-14), Pooling and Servicing Agreement (HarborView 2007-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith as a Servicing Advance in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds pursuant to Sections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount for each Mortgage Group to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-F1), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-F1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Trustee as Successor Servicer or any the related Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Trustee as Successor Servicer or a the related Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer Trustee or any the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Trustee as Successor Servicer or such the related Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Trustee as Successor Servicer or any the related Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Trustee as Successor Servicer or such the related Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Trustee as Successor Servicer or any the related Servicer for servicing related advances of fundsfunds pursuant to this Agreement or the M&T Servicing Agreement, as applicable, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Trustee as Successor Servicer or any the related Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (vi)v) or pursuant to the M&T Servicing Agreement; (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Holder of the Class CE Certificate; (viii) to pay reimburse the Master Servicer Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement and the M&T Servicing Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.12 and the M&T Servicing Agreement); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the related Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the related Servicer any such amounts as are due thereto under this Agreement or the applicable M&T Servicing Agreement Agreement, as applicable, and have not been retained by or paid to the related Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee and the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b)4.07. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit distribute the Available Distribution Amount in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004 - AP3), Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2004 - AP3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a the Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such the Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee (including in its role as a Custodian) and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)hereof; (xiii) to pay to the Certificate Insurer its Aggregate Premium Amount; (xiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement, Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-11)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01; and (xv) pursuant to the related Servicing Agreement, at such time as WaMu determines in good faith, and submits documentary support to the Master Servicer, which is the basis of such determination, that the future payments and other proceeds that can reasonably be expected to be received from the Mortgage Loans serviced by WaMu will not be sufficient to reimburse WaMu for unreimbursed expenses, servicing advances and non-recoverable advances which have been made by WaMu in respect of the Mortgage Loans serviced by WaMu and for which WaMu is entitled to be reimbursed in accordance with the terms of the related Servicing Agreement, to reimburse WaMu for such amounts. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-8), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-8)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Interest Funds and Principal Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Struct Ass Mort Inv Inc Bs Alta Mort Pas THR Cer Ser 2003 1), Pooling and Servicing Agreement (Struct Ass Mort Inv Inc Bs Alta Mort Pas THR Cer Ser 2003 1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on written demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Servicing Agreements or as the Trustee or to itself has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement); (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of this Subsection 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiiixi) to pay the Trustee as set forth in Section 9.05; (xii) to remove amounts deposited in error; and (xivxiii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.04(c). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). Reimbursements made pursuant to clauses (vii), (ix), (xi) and (xii) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities AdministratorTrustee shall distribute the Interest Funds, as Paying Agent, shall withdraw funds Principal Funds and Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 05 2), Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 11)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Sponsor; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He1), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer (or with respect to clause (l) hereto, withdraw on demand of the Trustee, the Securities Administrator or transfer funds the Custodian), make or cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator deems necessary for the following purposes: (ia) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (iib) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iiic) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (ivd) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (ve) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vif) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viig) to reimburse the Master Servicer or any Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viiih) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (xi) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.03, 7.04(c) and 3.27(d); (xij) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the related Servicer; (k) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiil) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiim) to remove amounts deposited in error; and (xivn) to clear and terminate the Distribution Account pursuant to Section 10.01. (bo) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Securities Administrator, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.04(b). Reimbursements made pursuant to clauses (vii), (ix), (xi) and (xii) will be allocated between the Loan Groups or Sub-Loan Groups, as applicable, pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group or Sub-Loan Group, as applicable. (cp) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Interest Funds, as Paying Agent, shall withdraw funds Principal Funds and Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group or Sub-Loan Group, as applicable, to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-1), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee GreenPoint Servicing Agreement or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.03(a) to the Master Servicer and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which it or the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi) of this Section 4.03(a); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the Servicer; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable GreenPoint Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related GreenPoint Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Interest Funds and Principal Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns BSALTA 2005-1), Pooling and Servicing Agreement (Bear Stearns BSALTA 2004-13)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallMaster Servicer will, from time to timetime on demand of the Servicer, withdraw the Securities Administrator, or transfer funds for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Distribution Account to Account, in the case of a demand by the Servicer, as the Servicer has designated for such transfer or withdrawal pursuant to the Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master ServicerServicer has determined to be appropriate in accordance herewith, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such the Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such the Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or the Master Servicer or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay reimburse the Master Servicer or the Securities Administrator for any investment incomeexpenses recoverable by the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.31; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.273.30, 3.31 or 8.05, and to reimburse the Trustee for any fees, costs and expenses costs incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.10 (including those related 8.07, to the fees and expenses of extent not otherwise reimbursed to it; (xii) to pay to the CustodianMaster Servicer all investment earnings on amounts on deposit in the Distribution Account to what it is entitled under Section 4.02(k); (xiii) to pay the Certificate Insurer its Aggregate Premium Amount; (xiv) to pay the Credit Risk Manager the Credit Risk Manager Fee; (xv) to remove amounts deposited in error; and (xivxvi) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required but not made by the Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive inclusive, (ix) and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in the Distribution Account to the extent of distribute the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1), Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to time, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for servicing related advances of funds, funds pursuant to this Agreement and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Sponsor; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee or the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account Account, to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ap1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corp)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation ProceedsProceeds and the Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer or the Securities Administrator for any expenses recoverable by it the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.273.32; (xix) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable related Servicing Agreement and have not been retained by or paid to the such Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.273.31, 3.32 or 8.05, and to reimburse the Trustee for any fees, costs and expenses incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.10 (including those related 8.07, to the fees and expenses of extent not otherwise reimbursed to it; (xii) to pay to the CustodianMaster Servicer all investment earnings on amounts on deposit in the Distribution Account to what it is entitled under Section 4.02(c); (xiii) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Section 8.19; (xiv) to pay the Credit Risk Manager the Credit Risk Manager Fee; (xv) to reimburse the Administrator for expenses, costs and liabilities incurred by or reimbursable to it as a result of the performance of its duties under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement pursuant to Section 8.19; (xvi) to remove amounts deposited in error; and (xivxvii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required to be made but not made by a Servicer and required to be made by the Master Servicer hereunder with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (viiviii), inclusive and subclause (xxi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds amounts to the Holders of the Certificates and any other parties entitled thereto, thereto in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (HarborView 2007-6), Pooling and Servicing Agreement (HarborView 2007-6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator deems necessary for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Securities Administrator, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). Reimbursements made pursuant to clauses (vii), (ix), (xi) and (xii) will be allocated between the Loan Groups or Sub-Loan Groups, as applicable, pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group or Sub-Loan Group, as applicable. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Interest Funds, as Paying Agent, shall withdraw funds Principal Funds and Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group or Sub-Loan Group, as applicable, to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-7), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust, Series 2005-9)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallPaying Agent will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreement or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of this Subsection 4.05 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Agent shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bankunited Trust 2005-1, Mortgage Pass-Through Certificates, Series 2005-1), Pooling and Servicing Agreement (Bankunited Trust 2005-1, Mortgage Pass-Through Certificates, Series 2005-1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Servicer has designated for such transfer or withdrawal pursuant to a Servicer, to the Master Servicer, to this Agreement or as the Trustee or to itself deems necessary for the following purposes:purposes (limited in the case of amounts due the Servicer to those not withdrawn from the Custodial Account in accordance with the terms of this Agreement): (i) to reimburse itself or the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer Trustee or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Section 4.04(a) to the Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.04(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer Trustee or any the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable by it pursuant to Sections 3.03 and 3.27Excess Liquidation Proceeds; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 this Agreement; (including those related xii) to pay itself the fees and expenses of the Custodian)Trustee Fee set forth in Section 9.05; (xiii) to pay the Certificate Insurer its Aggregate Premium Amount; (xiv) to remove amounts deposited in error; and and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Trustee, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi) and (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.01(b). Reimbursements made pursuant to clauses (vii), (ix) and (xi) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Mortage Funding Trust 2006-Ar2), Grantor Trust Agreement (Bear Stearns Mortage Funding Trust 2006-Ar2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith as a Servicing Advance in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds pursuant to Sections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount for each Mortgage Group to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Af1), Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Af1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator Trustee shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee Servicer or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14the Servicing Agreement; (ix) to pay the Master Servicer Trustee any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27[reserved]; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.277.02(d), 8.17, 8.05 or 8.10 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the fees and expenses Bank of the New York as Custodian); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-9), Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-11)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallMaster Servicer will, from time to timetime on demand of a Servicer, withdraw the Securities Administrator, or transfer funds for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Distribution Account to Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master ServicerServicer has determined to be appropriate in accordance herewith, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay reimburse the Master Servicer or the Securities Administrator for any investment incomeexpenses recoverable by the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.31; (x) to reimburse the Master Servicer for pay ▇▇▇▇▇▇▇▇▇, as a Servicer, any expenses recoverable by it Prepayment Penalty Amounts and any earnings payable pursuant to Sections 3.03 Section 4.02(c), and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust pursuant to Sections 3.273.30, 3.31 or 8.05 or 8.10 (including those related to the fees Custodian, to the extent not paid by ▇▇▇▇▇▇▇▇▇), and to reimburse the Trustee for any fees, costs and expenses costs incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not otherwise reimbursed to it; (xii) to make distributions of Retained Interest to the CustodianRetained Interest Holder on each Distribution Date; (xiii) to pay to ▇▇▇▇▇▇▇▇▇ (in its capacity as a Servicer) all investment earnings on amounts on deposit in the Distribution Account to which it is entitled under Section 4.02(c); (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive inclusive, (ix) and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in the Distribution Account to the extent of distribute the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-5), Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2007-4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a the Servicer, to the Master Servicer, to the Trustee Trustee, to the Certificate Insurer or to itself for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such the Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi)) as a result of the Master Servicer or Servicer having determined that the Advance or advance is non-recoverable from the related Mortgage Loan; (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.143.18; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 3.09 and 3.273.22; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.273.22, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiii) to remove amounts deposited in error; (xiv) to pay the Certificate Insurer its Premium Amount; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2005-Ar5), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2005-Ar6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer (or with respect to clause (l) hereto, withdraw on demand of the Trustee, the Securities Administrator or transfer funds the Custodian), make or cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator deems necessary for the following purposes: (ia) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (iib) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iiic) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (ivd) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (ve) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vif) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viig) to reimburse the Master Servicer or any Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viiih) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (xi) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.03, 7.04(c) and 3.27(d); (xij) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the related Servicer; (k) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing AgreementAgreement (including any amounts owed to the Company for any Mortgage Loans subserviced on behalf of the Company, to the extent such amounts are received by the Master Servicer or the Securities Administrator); (xiil) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiim) to remove amounts deposited in error; and; (xivn) to clear and terminate the Distribution Account pursuant to Section 10.01; and (o) to pay the Depositor as set forth in Section 4.04(e). (bp) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basisbasis and shall provide a copy to the Securities Administrator, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.04(b). Reimbursements made pursuant to clauses (vii), (ix), (xi) and (xii) will be allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (cq) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Interest Funds, as Paying Agent, shall withdraw funds Principal Funds and Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.01Article VI.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Alt-a Trust 2006-8), Pooling and Servicing Agreement (Bear Stearns Alt-a Trust 2006-8)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on written demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 this Agreement; (including those related to the fees and expenses of the Custodian); (xiiixi) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Prime Mortgage Trust, Mortgage Pass-Through Certificates & Re-Remic Certificates, Series 2005-1), Pooling and Servicing Agreement (Prime Mortgage Trust, Mortgage Pass-Through Certificates & Re-Remic Certificates, Series 2005-1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Trustee as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Trustee as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer Trustee or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Trustee as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Trustee as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Trustee as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for servicing related advances of funds, funds pursuant to this Agreement and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Holder of the Class CE Certificate; (viii) to pay reimburse the Master Servicer Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.12); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee and the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b)4.07. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit distribute the Available Distribution Amount in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc.)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicers (to the extent such Servicing Fee was not retained by a Servicer pursuant to Section 3.14; (ix) the related Servicing Agreement), the Credit Risk Management Fee to pay the Master Servicer any investment income; (x) Credit Risk Manager for such Distribution Date and to reimburse the Master Servicer for premiums payable in connection with any expenses recoverable lender paid mortgage insurance and for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 6.3, 8.5 and 3.27;10.1. (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodians and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreements; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.019.1. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, to the Certificate Insurer in accordance with Section 5.014.1.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-Ab2), Pooling and Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any a Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any a Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any a Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer as Successor Servicer or any such Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer as Successor Servicer or any such Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) [reserved]; (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.13); (ix) to pay to the Trust Fund, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by a Servicer; (x) to reimburse or pay a Servicer any such amounts as are due thereto under this Agreement and have not been retained by or paid to such Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of a terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Master Servicer for any costs and expenses reimbursable to the Master Servicer pursuant to this Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer (or with respect to clause (l) hereto, withdraw on demand of the Trustee, the Securities Administrator or transfer funds the Custodian), make or cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator deems necessary for the following purposes: (ia) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (iib) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iiic) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (ivd) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (ve) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vif) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viig) to reimburse the Master Servicer or any Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viiih) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; ; (ix) to pay the Master Servicer any investment income; (xi) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or and reimbursable to it pursuant to Sections 3.273.03, 8.05 or 8.10 7.04(c) and (including those related to the fees and expenses of the Custodiand); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-4), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the PMI Insurer Fee to the PMI Insurer and to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Sponsor; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account after taking into account permitted withdrawals therefrom pursuant to clause (a) above, to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Wf1), Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Wf1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master related Servicer (or any Servicer successor thereto) for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master related Servicer (or a Servicer any successor thereto) to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or the related Servicer (or any Servicer successor thereto) from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master related Servicer (or such Servicer any successor thereto) in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master related Servicer (or any Servicer successor thereto) from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master related Servicer (or such Servicer any successor thereto) from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master related Servicer (or any Servicer successor thereto) for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master related Servicer (or any Servicer successor thereto) for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Sponsor; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the related Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the related Servicer any such amounts as are due thereto under this Agreement or the applicable Servicing Agreement and have not been retained by or paid to the related Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee or the Master Servicer for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of a terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01Sections 5.04, 5.05 and 5.06.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallPaying Agent will, from time to timetime on written demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of this Subsection 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.04(c). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Agent shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with written distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Prime Mortgage Trust 2006-1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to time, withdraw time on demand of the Master Servicer or transfer funds the Trustee make or cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer or the Trustee has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes:, not in any order of priority, (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any P&I Advance or advance, respectively, of its own funds or any advance of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a3.24(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Nonrecoverable P&I Advance or advanceNonrecoverable Servicing Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the P&I Advance or advance Servicing Advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing MGIC Fee to MGIC, the Loss Mitigation Fee to the Loss Mitigation Advisor and any other servicing compensation the fee payable pursuant to Section 3.14U.S. Bank under the U.S. Bank Custodial Agreement; (ix) to pay the Servicing Fee to the Servicers and the Master Servicing Fee to the Master Servicer any investment incomefor such Distribution Date; to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 6.03 and 10.01; (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement, or to reimburse or pay any Advance Facility Counterparty to the extent provided in Section 3.31 hereof; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to reimburse the Custodians for expenses, costs and liabilities incurred or reimbursable to them pursuant to the Custodial Agreements; (xiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.014.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Ace Securities Corp)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) On an ongoing basis, Trustee to pay any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Trustee as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Trustee as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer Trustee or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Trustee as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Trustee as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Trustee as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) Reserved; (viii) to pay reimburse the Master Servicer Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.12); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02; (xiii) to reimburse the Trustee and the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b)4.07. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit distribute the Available Distribution Amount in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Asset Acc Corp ALT LN TR Ser 2004-Ap2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to time, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Securities Administrator has designated for such transfer or withdrawal pursuant to a Servicer, to this Agreement and the Master Servicer, to the Trustee or to itself for the following purposesServicing Agreements: (i1) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii2) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii3) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay ; provided that the Master Servicer or shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any Servicer, amounts with respect to such Mortgage Loan were paid as appropriate, from Excess Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled pursuant to receive under subclause clause (xxi) of this Subsection 4.03(a3.20(a) as servicing compensation on account to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related MortgagorExcess Liquidation Proceeds; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi4) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii5) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i1) and (vi4); (viii6) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (x7) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 3.276.03; (xi8) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer; (9) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii10) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii11) to pay the Credit Risk Manager Fee to the Credit Risk Manager; (12) to remove amounts deposited in error; and (xiv13) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i1) through (vii), inclusive and subclause (x4) immediately above or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b)Servicer. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds distribute the amounts on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with pursuant to Section 5.014.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2006-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Trust Administrator shallwill, from time to timetime on demand of the Master Servicer, the Servicer or the Trustee, make or cause to be made such withdrawals or transfers from the Distribution Account pursuant to this Agreement. The Trust Administrator may clear and terminate the Distribution Account pursuant to Section 9.01 and remove amounts from time to time deposited in error. On an ongoing basis, the Trust Administrator shall withdraw or transfer funds from the Distribution Account to a Servicer, pay (i) any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Master ServicerServicer or the Depositor pursuant to Section 6.03(b), to the Trustee pursuant to Section 3.06, Section 7.02 or Section 8.05 or to itself for the Master Servicer pursuant to Section 6.03(c), and (ii) any amounts expressly payable to the Master Servicer as set forth in Section 3A.09. The Trust Administrator may withdraw from the Distribution Account any of the following purposes:amounts (in the case of any such amount payable or reimbursable to the Servicer, only to the extent the Servicer shall not have paid or reimbursed itself such amount prior to making any remittance to the Master Servicer pursuant to the terms of this Agreement): (i) to reimburse the Master Servicer or any (if the Master Servicer is the Servicer) the Trustee (to the extent either of them is obligated to do so as successor Servicer) for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer the Trustee, as applicable to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds and Subsequent Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer (or any if the Master Servicer for is the Servicer) the Trustee (to the extent either of them is obligated to do so as successor Servicer)for any Advance or advanceServicing Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses (i) and through (iv); (vi)) to make distributions in accordance with Section 4.01; (vii) to pay compensation to the Trust Administrator on each Distribution Date; (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable amounts in respect of taxes pursuant to Section 3.1410.01(g); (ix) without duplication of the amount set forth in clause (iii) above, to pay any Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer any investment incomefrom the Distribution Account; (x) to reimburse without duplication of any of the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) foregoing, to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided in this Agreement and to refund to the related Servicing AgreementServicer any amount remitted by the Servicer to the Master Servicer in error; (xi) to pay to the Master Servicer, any interest or investment income earned on funds deposited in the Distribution Account; (xii) to reimburse withdraw any amount deposited in the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)Distribution Account in error; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01.9.01; (bxiv) to make distributions to the Swap Account and the Cap Account; and (xv) to pay the Credit Risk Manager the Credit Risk Manager Fee. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive and subclause (xv) above or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) Account. On or before the Business Day prior to each Distribution Date, the Securities Administrator, Master Servicer or (if the Master Servicer is the Servicer) the Trustee (to the extent either of them is obligated to do so as Paying Agent, successor Servicer) shall withdraw funds on remit to the Trust Administrator for deposit in the Distribution Account any Advances required to be made and the Master Servicer shall deposit in the Distribution Account any Compensating Interest required to be paid, in either such case by the Master Servicer or the Trustee, as applicable, with respect to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01Mortgage Loans.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Nc2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallMaster Servicer will, from time to timetime on demand of a Servicer, withdraw the Securities Administrator, or transfer funds for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Distribution Account to Account, in the case of a demand by a Servicer, as the applicable Servicer has designated for such transfer or withdrawal pursuant to the applicable Servicing Agreement, or in the case of a demand by the Securities Administrator as the Securities Administrator has demanded pursuant hereto, or as the Master ServicerServicer has determined to be appropriate in accordance herewith, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s 's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay reimburse the Master Servicer or the Securities Administrator for any investment incomeexpenses recoverable by the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.31; (x) to reimburse the Master Servicer for pay ▇▇▇▇▇▇▇▇▇, as a Servicer, any expenses recoverable by it Prepayment Penalty Amounts and any earnings payable pursuant to Sections 3.03 Section 4.02(c), and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee, the Delaware Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust pursuant to Sections 3.273.30, 3.31 or 8.05 or 8.10 (including those related to the fees Custodian, to the extent not paid by ▇▇▇▇▇▇▇▇▇), and to reimburse the Trustee for any fees, costs and expenses costs incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not otherwise reimbursed to it; (xii) to make distributions of Retained Interest to the Custodian)Retained Interest Holder on each Distribution Date; (xiii) to pay to ▇▇▇▇▇▇▇▇▇ (in its capacity as a Servicer) all investment earnings on amounts on deposit in the Distribution Account to which it is entitled under Section 4.02(c); 91 (xiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required but not made by the related Servicer and required to be made by the Master Servicer with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive inclusive, (ix) and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in the Distribution Account to the extent of distribute the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposespurposes from funds in the Distribution Account allocable to Group I, with respect to a Group I Loan and from funds in the Distribution Account allocable to Group II, with respect to a Group II Loan, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Group I or Group II Loan (including, for this purpose, the Purchase Price therefor, related Insurance Proceeds and Liquidation Proceeds) ), as applicable, which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriateapplicable, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Group I or Group II Loan, as applicable, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Group I or Group II Loan, as applicable, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi)but only from funds relating to the applicable Loan Group; (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicers (to the extent such Servicing Fee was not retained by such Servicer pursuant to Section 3.14; (ix) the related Servicing Agreement), the Credit Risk Management Fee to pay the Master Servicer any investment income; (x) Credit Risk Manager for such Distribution Date and to reimburse the Master Servicer for premiums payable in connection with any expenses recoverable lender paid mortgage insurance and for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 7.3, 9.5 and 3.27;11.1 from funds in the Distribution Account allocable to the related Loan Group. (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing AgreementAgreement but only from funds relating to the applicable Loan Group; (xiiix) to reimburse the Trustee Trustee, the Custodians and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related this Agreement and the Custodial Agreements from funds in the Distribution Account allocable to the fees and expenses of the Custodian)related Loan Group or both Loan Groups in accordance with Section 3.32; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.0110.1 or Section 10.2, as applicable. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the related Available Distribution Account Amount with respect to the extent of the aggregate Available Funds and distribute such funds Group I to the Holders of the Group I Certificates and any other parties entitled thereto, in accordance with Section 5.014.1 and the Available Distribution Amount with respect to Group II to the Holders of the Group II Certificates in accordance with Section 5.1.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee Servicing Agreement or to itself this Agreement for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses Insured Expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such the Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicer (to the extent such Servicing Fee was not retained by the Servicer pursuant to Section 3.14; (ixthe Servicing Agreement) to pay the Master Servicer any investment income; (x) and to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.03, 7.04, 9.05 and 3.27;10.01. (xiviii) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodian and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiix) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.26 (b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller (xi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005-Wf1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Trust Administrator shallwill, from time to timetime on demand of the Master Servicer, the Servicer or the Trustee, make or cause to be made such withdrawals or transfers from the Distribution Account pursuant to this Agreement. The Trust Administrator may clear and terminate the Distribution Account pursuant to Section 9.01 and remove amounts from time to time deposited in error. On an ongoing basis, the Trust Administrator shall withdraw or transfer funds from the Distribution Account to a Servicer, pay (i) any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Master ServicerServicer or the Depositor pursuant to Section 6.03(b), to the Trustee pursuant to Section 3.06, Section 7.02 or Section 8.05 or to itself for the Master Servicer pursuant to Section 6.03(c), and (ii) any amounts expressly payable to the Master Servicer as set forth in Section 3A.09. The Trust Administrator may withdraw from the Distribution Account any of the following purposes:amounts (in the case of any such amount payable or reimbursable to the Servicer, only to the extent the Servicer shall not have paid or reimbursed itself such amount prior to making any remittance to the Master Servicer pursuant to the terms of this Agreement): (i) to reimburse the Master Servicer or any (if the Master Servicer is the Servicer) the Trustee (to the extent either of them is obligated to do so as successor Servicer) for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer the Trustee, as applicable, to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds and Subsequent Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer (or any if the Master Servicer is the Servicer) the Trustee (to the extent either of them is obligated to do so as successor Servicer) for any Advance or advanceServicing Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses (i) and through (iv); (vi)) to make distributions in accordance with Section 4.01; (vii) to pay compensation to the Trust Administrator on each Distribution Date; (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable amounts in respect of taxes pursuant to Section 3.1410.01(g); (ix) without duplication of the amount set forth in clause (iii) above, to pay any Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer any investment incomefrom the Distribution Account; (x) to reimburse without duplication of any of the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) foregoing, to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided in this Agreement and to refund to the related Servicing AgreementServicer any amount remitted by the Servicer to the Master Servicer in error; (xi) to pay to the Master Servicer, any interest or investment income earned on funds deposited in the Distribution Account; (xii) to reimburse pay the Trustee and Credit Risk Manager the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)Credit Risk Manager Fee; (xiii) to remove amounts withdraw any amount deposited in the Distribution Account in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01.9.01; and (bxv) to make distributions to the Swap Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive and subclause (xv) above or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) Account. On or before the Business Day prior to each Distribution Date, the Securities Administrator, Master Servicer or (if the Master Servicer is the Servicer) the Trustee (to the extent either of them is obligated to do so as Paying Agent, successor Servicer) shall withdraw funds on remit to the Trust Administrator for deposit in the Distribution Account any Advances required to be made and the Master Servicer shall deposit in the Distribution Account any Compensating Interest required to be paid, in either such case by the Master Servicer or the Trustee, as applicable, with respect to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01Mortgage Loans.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-He5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to Servicing Agreements or this Agreement or as the Trustee or to itself Securities Administrator has instructed hereunder for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such Master Servicer’s 's or Servicer's own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which it or the Master Servicer or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the Servicer; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator for expenses, costs and liabilities incurred by or and reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(bviii). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in distribute the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Cert 2002-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the Certificates and any other parties entitled thereto, MBIA in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Prime Mortgage Trust 2003 2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Trustee as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Trustee as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.32 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Sponsor; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Wf1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Section 4.03(a) to the Master Servicer and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause clause (xix) of this Subsection Section 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi) of this Section 4.03(a); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the related Servicer; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive vi) and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). Reimbursements made pursuant to clauses (ix), (xi) and (xii) will allocated between the Loan Groups pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Interest Funds and Principal Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Bear Stearns Alt a Tr 04 6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallPaying Agent will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to Countrywide Servicing Agreement or this Agreement or as the Trustee or to itself Securities Administrator has instructed hereunder for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such Master Servicer’s 's or the Servicer's own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (x) of this Subsection 4.03(a) to the Master Servicer, and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such the Servicer would have been entitled to receive under subclause (xxi) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment Scheduled Payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xxi) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and 7.04 (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the Servicer; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Countrywide Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Countrywide Servicing Agreement; (xii) to reimburse or pay the Trustee and Trustee, the Securities Administrator or the Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to Sections 3.27, 8.05 this Agreement and not otherwise reimbursable or 8.10 (including those related payable to the fees and expenses of the Custodian)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01; and (xv) on the first Distribution Date, to withdraw an amount equal to the Deposit Amount from the Distribution Account and distribute such amount to the holders of the Class R-I, Class R-II and Class R-III Certificates, pro rata, until their respective Current Principal Amounts have been reduced to zero. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive inclusive, and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Agent shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates (other than the Residual Certificates) in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II 2005-Ar4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) On an ongoing basis, Trustee to pay any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Trustee as Successor Servicer or any the related Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Trustee as Successor Servicer or a the related Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer Trustee or any the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Trustee as Successor Servicer or such the related Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Trustee as Successor Servicer or any the related Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Trustee as Successor Servicer or such the related Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Trustee as Successor Servicer or any the related Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Trustee as Successor Servicer or any the related Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee with respect to the WFHM Mortgage Loans to the Seller and to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 4.08(b) hereof, the amount of the Credit Risk Management Fee (or any portion thereof) with respect to the WFHM Mortgage Loans previously payable to the Credit Risk Manager as described herein shall be paid to the Seller; (viii) to pay reimburse the Master Servicer Trustee for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.12); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the related Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the related Servicer any such amounts as are due thereto under this Agreement or the applicable WFHM Servicing Agreement Agreement, as applicable, and have not been retained by or paid to the related Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) after the occurrence of an event of default under the Advance Facility, to reimburse any Advance Financing Person for any Advances or Servicing Advances made by such Advance Financing Person pursuant to Section 5.01(b) and not reimbursed to such Advance Financing Person pursuant to Section 4.02; (xiii) to reimburse the Trustee and the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b)4.07. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit distribute the Available Funds in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Asset Acc Corp Alter Ln Tr Ser 2003-A3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to time, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Management Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Seller; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Trustee or the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the related Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those the related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account Account, to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-Ap2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a the Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such the Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.143.18; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 3.09 and 3.273.22; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.273.22, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiii) to remove amounts deposited in error; (xiv) to pay to the Certificate Insurer its Premium Amount; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, MBIA in accordance with distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Prime Mortgage Trust Mortgage Pass-Through Cert Ser 2003-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of this Subsection 4.05 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with distribution instructions provided to it by the Securities Administrator in writing no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Ii Inc Mort Pas THR Cert Se 04 Cl1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a the Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such the Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Advance or advance, after a Realized Loss or a Charged-off Amount has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee Compensation and any other servicing compensation payable pursuant to Section 3.143.18; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.273.22; (xix) to reimburse or pay any the Company or the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Company or the Servicer, as applicable, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.273.22, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiiixii) to remove amounts deposited in error; and; (xivxiii) to clear and terminate the Distribution Account pursuant to Section 10.01; and (xiv) with respect to any Charged-off Mortgage Loan, to reimburse the Standby Letter of Credit Provider pursuant to Section 5.08(c) for any Required Payments made with respect to such Charged-off Mortgage Loan, up to the amount of such Required Payments, the right to reimbursement pursuant to this subclause being limited to Net Liquidation Proceeds and Charged-off Recoveries received on the related Mortgage Loan. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Charlie Mac Trust 2004-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallPaying Agent will, from time to timetime on written demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreement or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Agent shall withdraw funds distribute the Available Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates in accordance with written distribution instructions provided to it by the Securities Administrator no later than two Business Days prior to such Distribution Date and any other parties entitled thereto, determined by the Securities Administrator in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Prime Mortgage Trust, Mortgage Pass-Through Certificates, Series 2005-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to time, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account as the Securities Administrator has designated for such transfer or withdrawal pursuant to a Servicer, to this Agreement and the Master Servicer, to the Trustee or to itself for the following purposesServicing Agreements: (i1) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii2) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii3) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay ; provided that the Master Servicer or shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any Servicer, amounts with respect to such Mortgage Loan were paid as appropriate, from Excess Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled pursuant to receive under subclause clause (xxi) of this Subsection 4.03(a3.20(a) as servicing compensation on account to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related MortgagorExcess Liquidation Proceeds; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi4) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii5) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i1) and (vi4); (viii6) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (x7) to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 3.276.03; (xi8) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Servicer; (9) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii10) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiii11) [reserved]; (12) to remove amounts deposited in error; and; (xiv13) to clear and terminate the Distribution Account pursuant to Section 10.019.01; and (14) to pay any amounts due in connection with a Transfer made pursuant to Section 5.02(e)(iii)(B) and to reimburse the Securities Administrator and/or the Depositor for any costs and expenses incurred in connection with a Transfer made pursuant to Section 5.02(e)(iii)(B). (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i1) through (vii), inclusive and subclause (x4) immediately above or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b)Servicer. (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds distribute the amounts on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with pursuant to Section 5.014.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a the Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such the Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such the Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.143.18; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.273.22; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.273.22, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiii) to remove amounts deposited in error; (xiv) to pay to the Certificate Insurer its Premium Amount; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator Trustee shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee Servicer or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (xxii) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14the Servicing Agreement; (ix) to pay the Master Servicer Trustee any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27[reserved]; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.277.02(d), 8.05 8.05, 8.10 or 8.10 8.17 (including those related the BONY Custodial Agreement, to pay any fees, expenses or other amounts payable to the fees and expenses Bank of the New York as Custodian); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Trustee shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Trustee without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Greenwich HarborView Mortgage Loan Trust 2005-1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan; C(va)se t1o:1p4ay-cvth-e08M17as5t-eLr GSSer-vSicNer oDroacnuymSeenrtvi1c-e1r frFoimledth1e0P/1u0rc/1h4ase ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreement for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, respectively, of its own funds or any advance of such the Servicer’s 's own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance or advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith as a Servicing Advance in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xi) of this Subsection 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or the Master Servicer or such Servicer would have been entitled to receive under subclause (xix) of this Subsection 4.03(a4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to Sections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any the Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan Loan, if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Servicer for Servicer, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the Servicer; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 10.019.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viivi), inclusive inclusive, and subclause (xviii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.016.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Af2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation ProceedsProceeds and the Termination Price) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any investment income and gain and other additional servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer or the Securities Administrator for any expenses recoverable by it the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.273.32; (xix) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable related Servicing Agreement and have not been retained by or paid to the such Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.273.31, 3.32 or 8.05, and to reimburse the Trustee for any fees, costs and expenses incurred by or reimbursable to it pursuant to Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.10 (including those related 8.07, to the fees and expenses of extent not otherwise reimbursed to it; (xii) to pay to the CustodianMaster Servicer all investment earnings on amounts on deposit in the Distribution Account to what it is entitled under Section 4.02(c); (xiii) [Reserved]; (xiv) [Reserved]; (xv) [Reserved]; (xvi) [Reserved]; (xvii) to remove amounts deposited in error; and (xivxviii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) In addition, on or before the Business Day immediately preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Advances or Compensating Interest Payments, to the extent required to be made but not made by a Servicer and required to be made by the Master Servicer hereunder with respect to the Mortgage Loans. (c) The Securities Administrator or the Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (viiviii), inclusive and subclause (xxi) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cd) In order to comply with its duties under the USA PATRIOT Act of 2001, the Securities Administrator shall obtain and verify certain information and documentation from the other parties hereto, including, but not limited to, each such party's name, address and other identifying information. (e) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds amounts to the Holders of the Certificates and any other parties entitled thereto, thereto in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (RBSGC Mortgage Loan Trust 2007-B)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Mortgage Loan Purchase and Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any the Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a the Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any the Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such the Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or the Master Servicer or such Servicer would have been entitled to receive under subclause (xvii) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Servicing Compensation to the Master Servicer, the Servicing Fee and any other servicing compensation payable to the Servicer (to the extent such Servicing Fee was not retained by the Servicer pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) Mortgage Loan Purchase and Servicing Agreement), for such Distribution Date and to reimburse the Master Servicer for premiums payable in connection with any expenses recoverable lender paid mortgage insurance and for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 7.3, 9.5 and 3.27;11.1. (xiviii) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Mortgage Loan Purchase and Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Mortgage Loan Purchase and Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodian and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to this Agreement and the fees and expenses of the Custodian)Custodial Agreement; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 10.0110.1. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallTrustee will, from time to timetime on demand of the Master Servicer, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, to Servicer has designated for such transfer or withdrawal as specified in a certificate signed by a Servicing Officer (upon which the Trustee or to itself may conclusively rely) for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Collection Account in accordance with the terms of this Agreement): (i) [Reserved]; (ii) to reimburse the Master Servicer or any Sub-Servicer for any Monthly Advance or advance, respectively, Servicing Advance of its own funds or any advance of such Sub-Servicer’s 's own funds, the right of the Master Servicer or a Sub- Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan ▇▇▇ (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan ▇▇▇ respecting which such Monthly Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any Sub-Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan ▇▇▇ for amounts expended by the Master Servicer or such Sub-Servicer pursuant to Section 3.12 in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan▇▇▇; (iiiiv) to reimburse the Master Servicer or any Sub-Servicer from Insurance Proceeds relating to a particular Mortgage Loan ▇▇▇ for insured expenses Insured Expenses incurred with respect to such Mortgage Loan ▇▇▇ and to reimburse the Master Servicer or such Sub-Servicer from Liquidation Proceeds from a particular Mortgage Loan ▇▇▇ for Liquidation Expenses incurred with respect to such Mortgage Loan▇▇▇; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a ▇▇▇ to the extent that (i) any amounts with respect to such ▇▇▇ were paid as Excess Liquidation Proceeds pursuant to clause (xii) of this Subsection 4.03(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (ivv) to pay the Master Servicer or any ServicerSub-Servicer (payment to any Sub-Servicer to be subject to prior payment to the Master Servicer of an amount equal to the Master Servicing Fee), as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan▇▇▇, the amount which it or such Sub-Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan ▇▇▇ if paid in a timely manner by the related Mortgagor, but only to the extent that the aggregate of Liquidation Proceeds and Insurance Proceeds with respect to such ▇▇▇, after any reimbursement to the Master Servicer or any Sub-Servicer, pursuant to subclauses (ii), (iii), (iv) and (vii) of this Subsection 4.03(a), exceeds the Outstanding Principal Balance of such ▇▇▇ plus accrued and unpaid interest thereon at the related Stated Interest Rate less the Master Servicing Fee Rate to but not including the date of payment; (vvi) to pay the Master Servicer or any Sub-Servicer (payment to any Sub-Servicer to be subject to prior payment to the Master Servicer of the portion of the Master Servicing Fee which the Master Servicer is entitled to retain as evidenced in writing to the Trustee by the Master Servicer, as appropriate) from the Purchase Repurchase Price for any Mortgage Loan▇▇▇, the amount which the Master Servicer it or such Sub-Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation, but only to the extent that the Repurchase Price with respect to such ▇▇▇ after any reimbursement to the related Master Servicer and Sub-Servicer pursuant to subclauses (ii) and (vii) of this Subsection 4.03 (a) exceeds the Outstanding Principal Balance of such ▇▇▇ plus accrued and unpaid interest thereon at the related Stated Interest Rate less the Master Servicing Fee Rate through the last day of the month of repurchase; (vivii) to reimburse the Master Servicer or any Sub-Servicer for servicing related advances of fundsServicing Advances pursuant to Sections 3.07, 3.09 and 3.10, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan ▇▇▇ (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiviii) to pay the Master Servicer or any Sub-Servicer, as the case may be, with respect to each ▇▇▇ that has been purchased pursuant to Section 2.02, 2.03A, 2.04, 3.19 or 10.01, all amounts received thereon, representing recoveries of principal that reduce the Outstanding Principal Balance of the related ▇▇▇ below the Outstanding Principal Balance used in calculating the Repurchase Price or representing interest included in the calculation of the Repurchase Price or accrued after the end of the month during which such repurchase occurs; (ix) to reimburse the Master Servicer or any Sub-Servicer for any Monthly Advance or advanceServicing Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan ▇▇▇ if the Monthly Advance or advance Servicing Advance has not been reimbursed pursuant to clauses (iii) and (vivii); (viiix) to pay the Master Servicer its monthly Master Servicing Fee and any other Sub-Servicer servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Master Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xii) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or and reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the CustodianSubsection 7.04(d); (xiiixii) to remove amounts deposited in error; andpay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds; (xivxiii) to clear and terminate the Distribution Account pursuant to Section 10.01.; and (bxiv) to remove amounts deposited in error. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan ▇▇▇ by Mortgage Loan ▇▇▇ basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive inclusive, and subclause (xix) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (cb) On each Distribution Date, the Securities Administrator, as Paying Agent, Trustee shall withdraw make the following payments in the priority set forth from the funds on deposit in the Distribution Account Account: (i) First, the Trustee's Fees and expenses shall be paid to the extent of Trustee in accordance with Section 9.05(a); and (ii) Second, the aggregate Available Funds and distribute such funds amount distributable to the Holders of the Certificates and any other parties entitled thereto, shall be payable in accordance with Section 5.016.01. (c) Notwithstanding the provisions of this Section 4.03, the Master Servicer may, but is not required to, allow the Sub-Servicers to deduct from amounts received by them or from the related Collection Account, prior to deposit in the Distribution Account, any portion to which such Sub-Servicers are entitled as servicing compensation (including income on Permitted Investments) or reimbursement of any reimbursable advances made by such Sub-Servicers. (d) The Trustee shall be permitted to make withdrawals or transfers from the Distribution Account to remove amounts deposited by the Trustee in error.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Samco Mortgage Securities Corp)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallPaying Agent will, from time to timetime on demand of the Master Servicer or the Securities Administrator, withdraw make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator has instructed hereunder for the following purposes:purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement): (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (viii) of this Subsection 4.05 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viiv) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Monthly Advance or advance has not been reimbursed pursuant to clauses (i) and (iv); (vi) to pay the Master Servicer as set forth in Section 3.14; (vii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 and 7.04(c) and (d); (viii) to pay to the Master Servicer its monthly Master Servicing Fee and Servicer, as additional servicing compensation, any other servicing compensation payable pursuant Excess Liquidation Proceeds to Section 3.14the extent not retained by the related Servicer; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiix) to reimburse the Trustee and Trustee, the Securities Administrator or the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (xiv) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the each Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer (or any Servicer successor thereto) for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer (or a Servicer any successor thereto) to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or the Servicer (or any Servicer successor thereto) from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer (or such Servicer any successor thereto) in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer (or any Servicer successor thereto) from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer (or such Servicer any successor thereto) from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer (or any Servicer successor thereto) for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer (or any Servicer successor thereto) for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Credit Risk Manager Fee to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the amount of the Credit Risk Manager Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Sponsor; (viii) to pay reimburse the Master Servicer Trustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its monthly Master Servicing Fee and any other servicing compensation payable obligations pursuant to Section 3.149.13); (ix) to pay to the Master Servicer Trust Fund, as additional servicing compensation, any investment incomeExcess Liquidation Proceeds to the extent not retained by the Servicer; (x) to reimburse the Master Servicer for any expenses recoverable by it pursuant to Sections 3.03 and 3.27; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided herein or therein; (xi) to reimburse the Trustee or the Master Servicer for expenses incurred in the related Servicing Agreementtransfer of servicing responsibilities of the terminated Servicer after the occurrence and continuance of a Servicer Default to the extent not paid by the terminated Servicer; (xii) to reimburse the Trustee Master Servicer for any costs and expenses reimbursable to the Securities Administrator Master Servicer pursuant to this Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreement; (xiiixiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Funds and the Available Distribution Amounts, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account to the extent holders of the aggregate Available Funds and distribute such funds to the Holders of the related Certificates and any other parties entitled thereto, the Certificate Insurer in accordance with Section 5.01Sections 5.05 and 5.06.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw or transfer funds from the Distribution Account to a Servicer, to the Master Servicer, to the Trustee or to itself for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (viii) or (x) ), as applicable, of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (viii) or (x) ), as applicable, of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) to reimburse the Master Servicer or the Securities Administrator for any expenses recoverable by it the Master Servicer or the Securities Administrator pursuant to Sections 3.03 and 3.273.28; (xix) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiixi) to reimburse the Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it from funds of the Trust Fund pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the CustodianCustodians); (xiiixii) to remove amounts deposited in error; and (xiv) pay to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vii), inclusive and subclause (x) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, shall withdraw funds all investment earnings on amounts on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders of the Certificates and any other parties what it is entitled thereto, in accordance with under Section 5.01.4.02(c);

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Harborview 2006-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, will from time to time, withdraw time make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account pursuant to a Servicer, to the Master Servicer, to the Trustee or to itself this Agreement for the following purposes: (i) to pay to the Trustee any expenses recoverable by the Trustee pursuant to this Agreement. (ii) to reimburse the Master Servicer as Successor Servicer or any Servicer for any Advance or advance, respectively, Servicing Advance of its own funds or of such Servicer’s own funds, the right of the Master Servicer as Successor Servicer or a the Servicer to reimbursement pursuant to this subclause (iii) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance or Servicing Advance was made; (iiiii) to reimburse the Master Servicer or any the Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer as Successor Servicer or such the Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause uninsured cause or in connection with the liquidation of such Mortgage Loan; (iiiiv) to reimburse the Master Servicer as Successor Servicer or any the Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer as Successor Servicer or such the Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for servicing related advances of fundsfunds pursuant to this Agreement, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation Proceedscondemnation proceeds) which represent late recoveries of the payments for which such servicing advances were made; (viivi) to reimburse the Master Servicer as Successor Servicer or any the Servicer for any Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance has not been reimbursed pursuant to clauses (iii) and (viv); (vii) to pay the Master Servicing Fee to the Master Servicer; (viii) to pay the Master Servicer its monthly Master Servicing Credit Risk Management Fee and any other servicing compensation payable to the Credit Risk Manager; provided, however, that upon the termination of the Credit Risk Manager pursuant to Section 3.143.33 hereof, the amount of the Credit Risk Management Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Sponsor; (ix) to pay reimburse the Master Servicer any investment incomeTrustee or the Securities Administrator for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement (including the expenses of the Securities Administrator in connection with a tax audit in connection with the performance of its obligations pursuant to Section 9.13); (x) to reimburse pay to the Master Servicer for Trust Fund, as additional servicing compensation, any expenses recoverable Excess Liquidation Proceeds to the extent not retained by it pursuant to Sections 3.03 and 3.27the Servicer; (xi) to reimburse or pay any the Servicer any such amounts as are due thereto under the applicable Servicing this Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreementherein or therein; (xii) to reimburse the Trustee for expenses incurred in the transfer of servicing responsibilities of any terminated servicer after the occurrence and continuance of a Servicer Default to the Securities Administrator extent not paid by the terminated servicer; (xiii) to reimburse the Master Servicer for any costs and expenses reimbursable to the Master Servicer pursuant to this Agreement; (xiv) to reimburse the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those related to the fees and expenses of the Custodian)Custodial Agreements; (xiiixv) to remove amounts deposited in error; and (xivxvi) to clear and terminate the Distribution Account pursuant to Section 10.01. (b) The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (iii) through (viiv), inclusive inclusive, and subclause (xvii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer Securities Administrator without being deposited in the Distribution Account under Section 4.02(b)3.31. (c) On each Distribution Date, the Securities AdministratorAdministrator shall distribute the Available Distribution Amount, as Paying Agent, shall withdraw to the extent of funds on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds to the Holders holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.015.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Fm1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shallwill, from time to timetime on demand of the Master Servicer, withdraw the Trustee or transfer funds the Custodian, make or cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, to as the Master Servicer, Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Trustee Servicing Agreements or to itself as the Securities Administrator deems necessary for the following purposes: (i) to reimburse the Master Servicer or any Servicer for any Monthly Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting with respect to which such Monthly Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xxi) of this Subsection 4.03(aSection 4.05(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or such Servicer would have been entitled to receive under subclause clause (xxi) of this Subsection 4.03(aSection 4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of fundsfunds (other than Monthly Advances) made with respect to the Mortgage Loans, and the right to reimbursement pursuant to this subclause clause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Nonrecoverable Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance that has not been reimbursed pursuant to clauses (i) and (vi); (viii) to pay the Master Servicer its monthly Master Servicing Fee and any other servicing compensation payable pursuant to as set forth in Section 3.14; (ix) to pay reimburse the Master Servicer any investment incomefor expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03, 7.04(c) and (d); (x) to reimburse pay to the Master Class R Certificates any Excess Liquidation Proceeds to the extent not retained by the related Servicer for any expenses recoverable by it pursuant and to Sections 3.03 and 3.27the extent Excess Liquidation Proceeds exceed cumulative unreimbursed Realized Losses; (xi) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing AgreementAgreement (including any amounts owed to the Company for any Mortgage Loans subserviced on behalf of the Company, to the extent such amounts are received by the Master Servicer or the Securities Administrator); (xii) to reimburse the Trustee and Trustee, the Securities Administrator or any Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to Sections 3.27, 8.05 this Agreement or 8.10 (including those the related to the fees and expenses of the Custodian)Custodial Agreement; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 10.01.; (bxv) to pay the Lender-Paid PMI Rate to RMIC as set forth in Section 3.26; and (xvi) to pay the Depositor as set forth in Section 4.04, as applicable. The Master Servicer Securities Administrator shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, basis for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vii), inclusive ) and subclause (xix) or with respect to any such amounts which would have been covered by such subclauses clauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b4.04(b). . Reimbursements made pursuant to clauses (cvii), (ix), (xi) and (xii) will be allocated between the Loan Groups, pro rata based on the aggregate Stated Principal Balances of the Mortgage Loans in each Loan Group. On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds distribute the Interest Funds and Principal Funds to the extent on deposit in the Distribution Account to the extent of the aggregate Available Funds and distribute such funds for each Loan Group to the Holders of the related Certificates and any other parties entitled thereto, in accordance with Section 5.01Article VI.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Securities Administrator shall, from time to time, withdraw time on demand of the Master Servicer make or transfer funds cause to be made such withdrawals or transfers from the Distribution Account to a Servicer, as the Master Servicer has designated for such transfer or withdrawal pursuant to the Master Servicer, to the Trustee or to itself Servicing Agreements for the following purposes, not in any order of priority: (i) to reimburse the Master Servicer or any Servicer for any Advance or advance, respectively, of its own funds or of such Servicer’s own funds, the right of the Master Servicer or a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which such Advance was made; (ii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer or such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged by an Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer or any Servicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Master Servicer or such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; (iv) to pay the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xviii) of this Subsection 4.03(a(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan if paid in a timely manner by the related Mortgagor; (v) to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which the Master Servicer it or such Servicer would have been entitled to receive under subclause (x) of this Subsection 4.03(a(a) as servicing compensation; (vi) to reimburse the Master Servicer or any Servicer for servicing related advances of funds, the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such servicing advances were made; (vii) to reimburse the Master Servicer or any Servicer for any Advance or advanceNonrecoverable Advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and (vi); (viiivii) to pay the Master Servicer its monthly Master Servicing Fee to the Master Servicer and the Credit Risk Management Fee to the Credit Risk Manager for such Distribution Date and the amount of any other servicing compensation payable income or gain realized from investments of funds on deposit in the Distribution Account pursuant to Section 3.14; (ix) to pay the Master Servicer any investment income; (x) 3.14 hereof and to reimburse the Master Servicer for any expenses recoverable expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 3.03 3.3, 6.3, 8.5 and 3.2710.1; (xiviii) to reimburse or pay any Servicer any such amounts as are due thereto under the applicable Servicing Agreement and have not been retained by or paid to the Servicer, to the extent provided in the related Servicing Agreement; (xiiix) to reimburse the Trustee Trustee, the Custodian and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to Sections 3.27, 8.05 or 8.10 (including those related to the fees and expenses of the Custodian)this Agreement; (xiiix) to pay the LPMI Fee to the insurer of the related LPMI Policy, if any; (xi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 10.019.1. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any payments or reimbursements reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive and subclause (x) inclusive, or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Master Servicer without being deposited in the Distribution Account under Section 4.02(b3.23(b). (c) On each Distribution Date, the Securities Administrator, as Paying Agent, Administrator shall withdraw funds on deposit in distribute the Available Distribution Account to the extent of the aggregate Available Funds and distribute such funds Amount to the Holders of the Certificates and any other parties entitled thereto, in accordance with Section 5.014.1.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Loan Trust Series 2003-2xs)