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

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 12 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC 2004-Ac3), Pooling and Servicing Agreement (Asset-Backed Certificates Series 2003-Ac5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any and the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 Monthly Advance was made; (ii) to reimburse the Master ServicerServicer (i) any expenses, costs and liabilities recoverable by the Trustee, the Company Master Servicer or the related Securities Administrator or the Custodian pursuant to Sections 3.03, 7.04 and 9.05 and (ii) any amounts payable to the Master Servicer as set forth in Section 3.14; provided, however, that the Master Servicer shall be obligated to pay from its own funds any amounts which it is required to pay under Section 7.03(a); (iii) 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, the Company Servicer or the related 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, the Company Servicer or the related 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, the Company Servicer or the related 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 (xviii) 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viivi) to reimburse the Master Servicer, the Company Servicer or a 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 (viiv); (viiivii) to pay the Master Servicer as set forth in Section 4.143.14; (ixviii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c3.03 and 7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (xix) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xix) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiixi) to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixii) to remove amounts deposited in error; (xiii) to pay the Depositor all investment earnings to which it is entitled as set forth in Section 4.04(c); and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.064.02(b). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator will make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Interest Funds and Principal Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing 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 or (vi); (viii) to pay the any Master Servicer as set forth in Section 4.14Servicing Fee; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, based solely on the applicable Remittance Report, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd1), Pooling and Servicing Agreement (Bear Stearns Asset Back Securities Trust 2003-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Bk Cert Ser 03 Ac2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Certs Ser 2003-Ac3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Bk Cert Ser 03 Ac2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A4), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement12.03; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Group Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 Supplemental Interest Trust Trustee or the Swap Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this agreement; to reimburse the Master Servicer, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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; provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans from which such expenditures were made; (iii) to reimburse the Master Servicer, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans from which such Advance was made; (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount and the Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to each Loan Group to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Group I Available Funds and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates and the Certificate Insurers in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder Agreements for the following purposes 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing P&I Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 P&I Advance or Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 or such 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 (xxi) of this Subsection (a) to the Master Servicer or such Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (ix) of this Subsection (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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.14[______________] Fee to [______________], the Credit Risk Management Fee to the Credit Risk Manager and the fee payable to [______________] under the [______________] Custodial Agreement; (ix) to pay the Servicing Fee to the Servicers and the Master Servicing Fee to the Master Servicer for such Distribution Date and the amount of any income or gain realized from investments of funds on deposit in the Distribution Account pursuant to Section 3.14 hereof; to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 6.03 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement10.01; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and 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, the Custodian or Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it such parties pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)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 11.019.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.063.23(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with Section 4.01 and the Remittance Report upon which applicable instructions of the Trustee may conclusively relySecurities Administrator.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp), Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any and the GMACM Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the GMACM Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related GMACM Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related GMACM Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiix) to remove amounts deposited in error; (xi) to make distributions to the Swap Administrator for payment to the Swap Provider as provided in this Agreement; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount and Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (SACO I Trust 2007-2), Pooling and Servicing Agreement, Pooling and Servicing Agreement

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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; provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans in the related Loan Group from which such expenditures were made; (iii) to reimburse the Master Servicer, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans in the related Loan Group from which such Advance was made; (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07), subject to the Extraordinary Trust Fund Expenses Cap; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount, Group I Principal Distribution Amount and Group II Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (SACO I Trust 2006-5), Pooling and Servicing Agreement (SACO I Trust 2006-5), Pooling and Servicing Agreement

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (a4.03(a) to the Master Servicer; , and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or the related Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (viii) 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) [reserved]to pay the Master Servicer or the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; (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; and (xvi) on the first Distribution Date, to withdraw an amount equal to the First Distribution Date Distribution Amount from the Distribution Account and distribute such amount to the holders of the Class I-X Certificates. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group and Loan Subgroup, as the case may be, to the holders Holders of the related Certificates in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Series 2004-Ar5), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Series 2004-Ar5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.07. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac7)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Group Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Merrilll Lynch Mortgage Investors Trust, Series 2005-A10), Pooling and Servicing Agreement (Merrilll Lynch Mortgage Investors Trust, Series 2005-A10)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Master Servicer will, from time to time on demand of the Master a Servicer or the Securities Trust Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Distribution Account pursuant to Section 9.01 and remove amounts from time to time deposited in error. (b) On an ongoing basis, the Master Servicer shall withdraw from the Distribution Account (i) to pay any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Servicers or the Depositor pursuant to Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and (ii) any Servicing Agreement or amounts expressly payable to the Master Servicer as set forth in Section 3.14. (c) The Master Servicer may withdraw from the Securities Administrator has instructed hereunder for Distribution Account any of the following purposes amounts (limited in the case of amounts due any such amount payable or reimbursable to a Servicer, only to the extent such Servicer shall not have paid or reimbursed itself such amount prior to making any remittance to the Master Servicer pursuant to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this the related Servicing Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 or Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related Servicer from Liquidation Proceeds and Subsequent Recoveries 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant (other than Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, Servicer or the Company or a related 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 to the Trust Administrator on each Distribution Date the Administration Fee; (viii) to pay the Master Servicer as set forth any amounts in respect of taxes pursuant to Section 4.1410.01(g); (ix) without duplication of the amount set forth in clause (iii) above, to reimburse pay any Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreementfrom the Distribution Account; (x) to pay to without duplication of any of the Master Servicerforegoing, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer Servicers any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing AgreementAgreement and to refund to the related Servicer any amount remitted by the related 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, Credit Risk Manager the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)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 11.01. (b) 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi), inclusive, and (viiiv) 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 5.06Account. (cd) On or before the Business Day prior to each Distribution Date, the Trustee Master Servicer shall distribute the Available Funds remit to the extent of funds on deposit in the Distribution Account any Advances required to be made and any Compensating Interest required to be paid, in either such case by the Master Servicer with respect to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relyMortgage Loans.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that 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 (xxi) 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) [reserved]to pay the Master Servicer or any Servicer (payment to any 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 Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or any Servicer (payment to any 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) from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement12.03; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; (xiv) to pay the Supplemental PMI Insurance Premium to the Supplemental PMI Insurer; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Group Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any and the GMACM Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the GMACM Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related GMACM Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related GMACM Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiix) to remove amounts deposited in error; (xi) to make distributions to the Swap Administrator for payment to the Swap Provider as provided in this Agreement; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount and Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (SACO I Trust 2006-10), Pooling and Servicing Agreement (SACO I Trust 2006-10)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing 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 or (vi); (viii) to pay the any Master Servicer as set forth in Section 4.14Servicing Fee; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, based solely on the applicable Remittance Report, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd3), Pooling and Servicing Agreement (Bearn Stearns Asset Backed Securities Trust 2004-Sd4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Wells Master Servicer or the Securities Administrator, make or cause ▇▇ ▇▇use to be made such withdrawals or transfers from the Distribution Account as the Wells Master Servicer has designated for such transfer or withdrawal wi▇▇▇▇▇wal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Wells Master Servicer to those not withdrawn from the Master Servicer ▇▇▇▇icer Collection Account in accordance with the terms of this Agreement; provided that , and in the Trustee shall case of amounts due the EMC Master Servicer to those not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this withdrawn from its Protected Account in accordance with Section 5.081.08 of Exhibit K): (i) to reimburse the Wells Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right ▇▇▇ ▇ight of the Wells Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant pu▇▇▇▇▇t to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Wells Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds Pr▇▇▇▇▇s or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Wells Master Servicer, the Company Servicer or the related such Servicer in good faith in connection ▇▇▇▇ection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Wells Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds Pr▇▇▇▇▇s relating to a particular Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan and to reimburse the Wells Master Servicer, the Company Servicer or the related such Servicer from Liquidation Proceeds Proc▇▇▇▇ from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that PROVIDED THAT the Wells Master -------- ---- Servicer shall not be entitled to entitl▇▇ ▇▇ reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Wells Master Servicer; and (ii) such Liquidation Expenses were liquidation expens▇▇ ▇▇re not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Wells Master Servicer or any Servicer, as appropriate, ▇▇▇▇ 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 (ix) 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) [reserved]to pay the Wells Master Servicer or any Servicer from the Purchase ▇▇▇▇e for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this subsection (a) as servicing compensation; (vi) to reimburse the Wells Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed ▇▇▇▇▇cing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Wells Master Servicer, the Company Servicer or a any Servicer for any Advance unreimbur▇▇▇ ▇dvance or advanceany Servicing 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 or (vi); (viii) to pay the any Wells Master Servicer as set forth in Section 4.14Servicing Fee; (ix) to reimburse the Master eac▇ ▇▇▇ter Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.03 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Wells Master Servicer, as additional compensation, any ▇▇▇▇▇s Liquidation Proceeds with respect to a Mortgage Loan other than an EMC Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related Wells Master Servicer any such amounts as are due thereto under this Agreement or there▇▇ ▇▇der the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (b) The Wells Master Servicer shall keep and maintain separate accountingaccou▇▇▇▇▇, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) or with respect to any such amounts which would have been covered by such subclauses had the amounts not been retained by the Wells Master Servicer without being deposited in the Distribution Distrib▇▇▇▇▇ Account under Section 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a)(iii).

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (a4.03(a) to the Master Servicer; , and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or the related Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (xi) 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) [reserved]to pay the Master Servicer or the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and 7.04 (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; and (xv) on the first Distribution Date, to withdraw an amount equal to the Class X-1 Payment and the Class X-2 Payment from the Distribution Account and distribute such amount to the holders of the Class X-1 Certificates and the Class X-2 Certificates, respectively. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar8), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar8)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer’s own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (xxi) 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) [reserved]to pay the Master Servicer or 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 Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A5), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (a4.03(a) to the Master Servicer; , and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or the related Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (viii) 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) [reserved]to pay the Master Servicer or the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; and (xv) on the first Distribution Date, to withdraw an amount equal to the First Distribution Date Distribution Amount from the Distribution Account and distribute such amount to the holders of the Class X Certificates. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar6), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (xxi) 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) [reserved]to pay the Master Servicer or 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 Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A2), Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc MLMI Series 2004-A4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.07. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Ac7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (a4.03(a) to the Master Servicer; , and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or the related Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (viii) 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) [reserved]to pay the Master Servicer or the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (viii) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; and (xv) on the first Distribution Date, to withdraw an amount equal to the First Distribution Date Distribution Amount from the Distribution Account and distribute such amount to the holders of the Class X Certificates, pro rata. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust Series 2004-Ar2), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.Liquidation

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2), Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investor Trust Series MLCC 2005-3), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investor Trust Series MLCC 2005-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any and the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant (other than Monthly Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Structured Asset Mort Invest Inc Mort Pas THR Certs Ser 03 1), Pooling and Servicing Agreement (Structured Asset Mort Invest Inc Mort Pas THR Certs Ser 03 1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Trust Administrator will, from time to time on demand of the Master Servicer, the Servicer or the Securities AdministratorTrustee, make or cause to be made such withdrawals or transfers from the Distribution Account as 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. (b) On an ongoing basis, the Trust Administrator shall withdraw funds from the Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Servicer or the Depositor pursuant to Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and (ii) any amounts expressly payable to the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or as set forth in Section 12.09. (c) The Trust Administrator may withdraw from the Distribution Account any Servicing Agreement or as the Securities Administrator has instructed hereunder for of the following purposes amounts (limited in the case of amounts due 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 those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer or (if the Master Servicer is the Servicer, ) the Company or Trustee (to the related Servicer extent either of them is obligated to do so as successor servicer) for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer 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 Repurchase 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 or Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company or the related Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or 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; (iii) to reimburse the Master Servicer, the Company or 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 Servicer, the Company or the related Servicer from Liquidation Proceeds and Subsequent Recoveries 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant (other than Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer or (if the Master Servicer is the Servicer, ) the Company or a Servicer 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 pay the Credit Risk Manager the Credit Risk Manager Fee; (vii) to make distributions in accordance with Section 4.01; (viii) to pay compensation to the Master Servicer as set forth in Section 4.14Trust Administrator on each Distribution Date; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pay any amounts in respect of taxes pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this AgreementSection 10.01(g); (x) without duplication of the amount set forth in clause (iii) above, to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds Extraordinary Trust Fund Expenses to the extent not retained paid by the Company or Master Servicer from the related ServicerDistribution Account; (xi) without duplication of any of the foregoing, to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein in this Agreement or the Servicing Agreement and to refund to the Servicer any amount remitted by the Servicer to the Master Servicer in the related Servicing Agreementerror; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (pay to the extent not reimbursed from Master Servicer, any interest or investment income earned on funds deposited in the Master Servicer Collection Account in accordance with Section 5.06)Distribution Account; (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 11.01. (b) 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi), inclusive, and (viiiv) 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 5.06. (c) Account. On each Distribution Date, the Master Servicer or (if the Master Servicer is the Servicer) the Trustee shall distribute the Available Funds (to the extent either of funds on them is obligated to do so as a successor Servicer) shall remit to the Trust Administrator for deposit in the Distribution Account any Advances required to be made by the Master Servicer or the Trustee, as applicable, with respect to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relyMortgage Loans.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2007-Hl1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account Accounts as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the related Master Servicer Collection Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds Proceeds, Recoveries and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan payment respecting which such Advance or Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company or the related Servicer from Insurance Proceeds Proceeds, Recoveries or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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 subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and or in the related Servicing Agreement, as applicable; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the related Master Servicer Collection Account in accordance with Section 5.065.07); (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the related Distribution Account pursuant to Section 11.01. (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 reimbursement from the related Distribution Account pursuant to subclauses (i) through (viiii), inclusive, and (viiiv) 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 related Distribution Account under Section 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit Interest Remittance Amount and Principal Distribution Amount in the related Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Saco I Trust 2005-5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator will make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.084.04): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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, the Company Servicer or 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 Servicer, the Company Servicer or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company Servicer or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, Servicer or the Company or a Servicer for any Advance advances of funds pursuant to this Agreement or advancethe Servicing Agreement, 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.143.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c7.04(c) and (d) and 12.02 11.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.064.03. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Interest Funds and Principal Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-St1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (xxi) 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) [reserved]to pay the Master Servicer or 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 Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Mlmi Series 2004-A3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator will make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.084.09): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (xviii) 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company Servicer or a 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.143.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c7.04(c) and (d) and 12.02 11.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to each Loan Group to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; (xii) to pay the Sponsor as set forth in Section 4.08(c); and (xivxiii) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.064.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Interest Funds, Principal Distribution Amount and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Luminent Mortgage Trust 2006-3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator will make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to each Loan Group to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Group I Available Funds and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates and the Insurer in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator will make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to each Loan Group to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Group I Available Funds and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates and the Insurer in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related either Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related either Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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 Uninsured Cause or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related either 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, the Company Servicer or the related 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 (xxi) of this Subsection (aSection 4.05(a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or either 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 (ix) of this Section 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) [reserved]to pay the Master Servicer or either Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Section 4.05(a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a either Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a either 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related applicable Servicer; (xi) to reimburse or pay the Company or the related either Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing this Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.019.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds for the Mortgage Loans to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Master Servicer will, from time to time on demand of the Master a Servicer or the Securities Trust Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Distribution Account pursuant to Section 9.01 and remove amounts from time to time deposited in error. (b) On an ongoing basis, the Master Servicer shall withdraw from the Distribution Account (i) to pay any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Servicers or the Depositor pursuant to Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and (ii) any Servicing Agreement or amounts expressly payable to the Master Servicer as set forth in Section 3.14. (c) The Master Servicer may withdraw from the Securities Administrator has instructed hereunder for Distribution Account any of the following purposes amounts (limited in the case of amounts due any such amount payable or reimbursable to a Servicer, only to the extent such Servicer shall not have paid or reimbursed itself such amount prior to making any remittance to the Master Servicer pursuant to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this the related Servicing Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i1) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 or Servicing Advance was made; (ii2) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii3) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related Servicer from Liquidation Proceeds and Subsequent Recoveries 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) [reserved]; (v) [reserved]; (vi4) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant (other than Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such advances were made; (vii5) to reimburse the Master Servicer, Servicer or the Company or a related 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 (viiv); (viii6) to pay the Master Servicer as set forth make distributions in accordance with Section 4.144.01; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x7) to pay to the Master ServicerTrust Administrator on each Distribution Date the Administration Fee; (8) to pay any amounts in respect of taxes pursuant to Section 10.01(g); (9) without duplication of the amount set forth in clause (iii) above, as additional servicing compensation, to pay any Excess Liquidation Proceeds Extraordinary Trust Fund Expenses to the extent not retained paid by the Company or Master Servicer from the related ServicerDistribution Account; (xi10) without duplication of any of the foregoing, to reimburse or pay the Company or the related Servicer Servicers any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing AgreementAgreement and to refund to the related Servicer any amount remitted by the related Servicer to the Master Servicer in error; (xii11) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (pay to the extent not reimbursed from Master Servicer, any interest or investment income earned on funds deposited in the Master Servicer Collection Account in accordance with Section 5.06)Distribution Account; (xiii12) to remove amounts pay the PMI Insurer the PMI Insurer Fee; (13) to pay the Credit Risk Manager the Credit Risk Manager Fee; (14) to withdraw any amount deposited in the Distribution Account in error; and (xiv15) to clear and terminate the Distribution Account pursuant to Section 11.01. (b) 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi), inclusive, and (viii) 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 5.06Account. (cd) On or before the Business Day prior to each Distribution Date, the Trustee Master Servicer shall distribute the Available Funds remit to the extent of funds on deposit in the Distribution Account any Advances required to be made and any Compensating Interest required to be paid, in either such case by the Master Servicer with respect to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relyMortgage Loans.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2004-He1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withheld from the Distribution Account in accordance with Section 4.04(b), and in the case of amounts due to any Servicer to those not withdrawn from the Master Servicer Collection its Protected Account in accordance with the terms of this related Servicing Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master related Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master such Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) of this Section 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing Advance, from collections, after a Realized Loss has been allocated with respect to the related Mortgage Loan Loan, if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and or (vi); (viii) to pay any Master Servicing Fee not previously reimbursed or withheld by the Master Servicer as set forth from funds prior to distribution in Section 4.14the Distribution Account; (ix) to reimburse the Master Servicer Servicer, the Trustee, the Custodian, the Sponsor or the Securities Administrator for their respective expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.03, 7.04, 9.05 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master related Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the Company or the related Servicer; (xi) from collections, to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) from collections, to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and; (xiv) notwithstanding any other provision of this Section 4.05(a), from collections with respect to principal only, to reimburse a Servicer for the interest portion of any Advances and any Servicing Advances made in connection with a Mortgage Loan modified pursuant to the related Servicing Agreement, to the extent that such portion of Advances or Servicing Advances have been added to the Stated Principal Balance of the Mortgage Loan during the related Due Period; (xv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.04(b). Reimbursements made pursuant to clauses (vii), (ix), (xi) and (xii) above 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 or before 5:00 p.m. Central time on the fifth Business Day immediately preceding each Distribution Date the Master Servicer shall deliver to the Securities Administrator with respect to all Mortgage Loans, a report in the form of a computer readable magnetic tape (or by such other means as the Master Servicer and the Securities Administrator may agree from time to time) containing such data and information, as agreed to by the Master Servicer and the Securities Administrator such as to permit the Securities Administrator to prepare the Monthly Statement to Certificateholders and to direct the Paying Agent in writing to make the required distributions for the related Distribution Date (the "Remittance Report"). On each Distribution Date, based solely on the Trustee applicable Remittance Report, the Paying Agent shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2007-Sd2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to each Loan Group to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.07. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Group I Available Funds and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder Agreements for the following purposes 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing P&I Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 P&I Advance or Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 or such 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.paid

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Ace Securities Corp)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following purposes purposes: (limited in the case of amounts due i) to return to the Master Servicer to those not or the applicable Servicer, any amounts which should have been withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 madeSection 4.03(a); (ii) to reimburse pay the Master Servicer, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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 LoanTrustee its monthly Trustee Fee; (iii) to reimburse the Master ServicerSecurities Administrator, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreement, Trustee and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator Delaware Trustee for expenses, costs and liabilities incurred by or reimbursable to it them pursuant to this Agreement Sections 7.04 or 9.05 (including those related to the Custodian, to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06paid by Thornburg); (xiiiiv) to make distributions of Retaine▇ ▇▇▇▇▇▇▇t to the Retained Interest Holder on each Distribution Date; (v) to pay to the Trustee any investment income; (vi) to remove amounts deposited in error; and (xivvii) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. To the extent amounts are reimbursable pursuant to clause (iii) which are not to be paid from receipts on a specific Mortgage Loan, they shall be allocated first to Principal Funds or Interest Funds, as applicable, relating to the Loan Group (and Loan Subgroup) in which the Mortgage Loan giving rise to the need for reimbursement was contained or, if not specifically allocable to one Loan Group, then to Principal Funds or Interest Funds, as applicable relating to both Loan Groups (and, if applicable, among the Loan Subgroups in each Loan Group), PRO RATA, based upon the Scheduled Principal Balance of the Mortgage Loans in each Loan Group (or Loan Subgroup). (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds and Principal Funds for such Distribution Date to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing Advance, from collections with respect to a related Group, after a Realized Loss has been allocated with respect to the related Mortgage Loan Loan, if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and or (vi); (viii) to pay the any Master Servicer as set forth in Section 4.14Servicing Fee; (ix) from collections with respect to a related Group, to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it it, with respect to the related Group or otherwise allocable to such Group, pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) from collections with respect to a related Group, to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or thereto, with respect to the related Group or otherwise allocable to such Group, under the applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) from collections with respect to a related Group, to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it it, with respect to the related Group or otherwise allocable to such Group, pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, based solely on the Trustee applicable Remittance Report, the Paying Agent shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (a4.03(a) to the Master Servicer; , and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or the related Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (xi) 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) [reserved]to pay the Master Servicer or the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement7.04(d); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; (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 and Class R-II Certificates, pro rata, until their respective Current Principal Amounts have been reduced to zero; and (xvi) on the first Distribution Date, to withdraw an amount equal to the First Distribution Date Distribution Amount from the Distribution Account and distribute such amount to the holders of the Class X Certificates. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar7)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Master Servicer will, from time to time on demand of the Master Servicer or the Securities Trust Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Distribution Account pursuant to Section 9.01 and remove amounts from time to time deposited in error. (b) On an ongoing basis, the Master Servicer shall withdraw from the Distribution Account (i) to pay any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Servicer or the Depositor pursuant to Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and (ii) any Servicing Agreement or amounts expressly payable to the Master Servicer as set forth in Section 3.14. (c) The Master Servicer may withdraw from the Securities Administrator has instructed hereunder for Distribution Account any of the following purposes amounts (limited in the case of amounts due 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 those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this the Servicing Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 or Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related Servicer from Liquidation Proceeds and Subsequent Recoveries 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant (other than Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, Servicer or the Company or a 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 to the Trust Administrator on each Distribution Date the Administration Fee; (viii) to pay the Master Servicer as set forth any amounts in respect of taxes pursuant to Section 4.1410.01(g); (ix) without duplication of the amount set forth in clause (iii) above, to reimburse pay any Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreementfrom the Distribution Account; (x) to pay to without duplication of any of the Master Servicerforegoing, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing AgreementAgreement and to refund to the Servicer 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, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Distribution Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xivxiii) to clear and terminate the Distribution Account pursuant to Section 11.01. (b) 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi), inclusive, and (viii) 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 5.06Account. (cd) On or before the Business Day prior to each Distribution Date, the Trustee Master Servicer shall distribute the Available Funds remit to the extent of funds on deposit in the Distribution Account any Advances required to be made and any Compensating Interest required to be paid, in either such case by the Master Servicer with respect to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relyMortgage Loans.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr as Bk Sec Tr 2004 Wmc1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing 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 or (vi); (viii) to pay the any Master Servicer as set forth in Section 4.14Servicing Fee; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Securities Administrator, or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, based solely on the applicable Remittance Report, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer’s own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (xxi) 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) [reserved]to pay the Master Servicer or 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 Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.019.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds and Principal Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 9.07.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing 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 or (vi); (viii) to pay the any Master Servicer as set forth in Section 4.14Servicing Fee; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Servicer; an EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset-Backed Certificates Series 2004-Sd1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing Advance, from collections with respect to a related Group, after a Realized Loss has been allocated with respect to the related Mortgage Loan Loan, if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and or (vi); (viii) to pay the any Master Servicer as set forth in Section 4.14Servicing Fee; (ix) from collections with respect to a related Group, to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it it, with respect to the related Group or otherwise allocable to such Group, pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) from collections with respect to a related Group, to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or thereto, with respect to the related Group or otherwise allocable to such Group, under the applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) from collections with respect to a related Group, to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it it, with respect to the related Group or otherwise allocable to such Group, pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, based solely on the applicable Remittance Report, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bsabs 20005-Sd1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any and the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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; provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans from which such expenditures were made; (iii) to reimburse the Master Servicer, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07), subject to the Extraordinary Trust Fund Expenses Cap; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount and Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (SACO I Trust 2006-6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any the related Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 Supplemental Interest Trust Trustee or the Swap Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this agreement; to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company Servicer or the related 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; provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans from which such expenditures were made; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans from which such Advance was made; (viiiv) to pay the Master Servicer as set forth in Section 4.14the Master Servicer Compensation; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Distribution Account in accordance with Section 5.064.08); (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.064.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount and the Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Im1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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; provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans in the related Loan Group from which such expenditures were made; (iii) to reimburse the Master Servicer, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans in the related Loan Group from which such Advance was made; (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07), subject to the Extraordinary Trust Fund Expenses Cap; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount, Group I Principal Distribution Amount and Group II Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates and the Class I-A Insurer in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (SACO I Trust 2005-10)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (xi) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advance, after a Realized Loss has been allocated with respect to the related Mortgage Loan any Servicing Advance if the Advance or advance Servicing Advance has not been reimbursed pursuant to clauses clause (i) and or (vi); (viii) to pay the any Master Servicer as set forth in Section 4.14Servicing Fee; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Securities Administrator, or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, based solely on the applicable Remittance Report, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-Sd2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 Loan (iv) to pay the Master Servicer or the related Servicer, as Excess appropriate, from Liquidation Proceeds pursuant or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to clause receive under subclause (xxi) of this Subsection (a4.03(a) to as servicing compensation on account of each defaulted Scheduled Payment on such Mortgage Loan if paid in a timely manner by the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]related Mortgagor; (v) [reserved]to pay the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the related Servicer would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and 7.04 (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; 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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates (other than the Residual Certificates) in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2005-Ar3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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 (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac8)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any and the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional ] servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Group Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Arm Trust 2002-7)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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; provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans in the related Loan Group from which such expenditures were made; (iii) to reimburse the Master Servicer, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans in the related Loan Group from which such Advance was made; (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07), subject to the Extraordinary Trust Fund Expenses Cap; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount, Group I Principal Distribution Amount and Group II Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates and the Insurer in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (SACO I Trust 2006-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer’s own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A7)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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); provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Group I Available Funds and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Ac2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement12.03; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Group Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (xxi) 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) [reserved]to pay the Master Servicer or 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 Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or the Servicer from the Purchase Price for any Mortgage Loan, the amount which it or the Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV INC MLMI Series 2004-A2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any and the applicable Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.07): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the applicable Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related applicable Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiix) to remove amounts deposited in error; (xi) to make distributions to the Swap Administrator for payment to the Swap Provider as provided in this Agreement; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (SACO I Trust 2007-1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Master Servicer will, from time to time on demand of the Master Servicer or the Securities Trust Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Servicing Agreement. The Master Servicer may clear and terminate the Distribution Account pursuant to Section 9.01 and remove amounts from time to time deposited in error. (b) On an ongoing basis, the Master Servicer shall withdraw from the Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Servicer or the Depositor pursuant to Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and (ii) any Servicing Agreement or amounts expressly payable to the Master Servicer as set forth in Section 3.14. (c) The Master Servicer may withdraw from the Securities Administrator has instructed hereunder for Distribution Account any of the following purposes amounts (limited in the case of amounts due 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 those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this the Servicing Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 or Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related Servicer from Liquidation Proceeds and Subsequent Recoveries 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant (other than Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, Servicer or the Company or a 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 to the Trust Administrator on each Distribution Date the Administration Fee; (viii) to pay the Master Servicer as set forth any amounts in respect of taxes pursuant to Section 4.1410.01(g); (ix) without duplication of the amount set forth in clause (iii) above, to reimburse pay any Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreementfrom the Distribution Account; (x) to pay to without duplication of any of the Master Servicerforegoing, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing AgreementAgreement and to refund to the Servicer 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, Credit Risk Manager the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)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 11.01. (b) 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi), inclusive, and (viiiv) 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 5.06Account. (cd) On or before the Business Day prior to each Distribution Date, the Trustee Master Servicer shall distribute the Available Funds remit to the extent of funds on deposit in the Distribution Account any Advances required to be made and any Compensating Interest required to be paid, in either such case by the Master Servicer with respect to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relyMortgage Loans.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-He2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time time, on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any and the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited limited, in the case of amounts due the Master Servicer Servicer, to those amounts not withdrawn from the Master Servicer Collection Account Distribution Account, as certified by the Securities Administrator in accordance with the terms of this Agreement; provided that the Trustee shall Agreement but not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08in any order of priority): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer for any Advance or Servicing Monthly Advance of its own fundsfunds (to the extent not already reimbursed from the Custodial Account), the right of the Master Servicer, the Company Servicer or the related Servicer Subservicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which that represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which that such Advance or Servicing P&I Advance was mademade by such Person; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended Servicing Advances made by the Master Servicer, the Company Servicer or the related Servicer Subservicer in good faith in connection with the restoration of the related Mortgaged Property which that was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage LoanLoan (to the extent not already reimbursed from the Custodial Account); (iii) to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred Servicing Advances made by such Person with respect to such Mortgage Loan (to the extent not already reimbursed from the Custodial Account) and to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer from Liquidation Proceeds from a particular Mortgage Loan for Servicing Advances in the nature of Liquidation Expenses incurred by such entity with respect to such Mortgage LoanLoan (to the extent not already reimbursed from the Custodial Account); provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (iA) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xviii) of this Subsection (aSection 4.05(a) to the Master Servicer; and (iiB) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Subservicer for Servicing AgreementAdvances made by such Person with respect to the Mortgage Loans (to the extent not already reimbursed from the Custodial Account), and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which that represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company Servicer or a Servicer the Subservicer for any Monthly Advance or advanceServicing Advance made by such Person (to the extent not already reimbursed from the Custodial Account), 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)iv) above; (viiivi) to pay the Master Servicer as set forth in Section 4.144.04(d) of this Agreement; provided, however, that the Master Servicer shall be obligated to pay from its own funds any amounts that it is required to pay under Section 5.03 hereof; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03Section 3.04(c) hereof (which reimbursement shall not be subject to any annual limitation), 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreementthe extent that the Master Servicer has not already reimbursed itself for such amounts from the Distribution Account; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiviii) to reimburse or pay the Company Servicer or the related Servicer Subservicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company Servicer or the related ServicerSubservicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse or pay the Trustee, the Custodian or Master Servicer, the Securities Administrator and the Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Annual Expenses; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01this Agreement. (b) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Mortgage-Loan-by-Mortgage-Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viiiiv) of Section 4.05(a) or with respect to any such amounts which that 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 5.06Account. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (People's Financial Realty Mortgage Securities 2006-1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the National City Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a the Servicer for advances of funds pursuant to this Agreement or the related National City Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related National City Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related National City Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Group I Available Funds, Group II Available Funds to the extent of funds on deposit and Group III Available Funds in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Bk Sec Inc Series 2002-Ac5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following purposes purposes: (limited in the case of amounts due i) to return to the Master Servicer to those not or the applicable Servicer, any amounts which should have been withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 madeSection 4.03(a); (ii) to reimburse pay the Master Servicer, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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 LoanTrustee its monthly Trustee Fee; (iii) to reimburse the Master ServicerSecurities Administrator, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreement, Trustee and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian or the Securities Administrator Delaware Trustee for expenses, costs and liabilities incurred by or reimbursable to it them pursuant to this Agreement Sections 7.04 or 9.05 (including those related to the Custodian, to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06paid by ▇▇▇▇▇▇▇▇▇); (xiiiiv) to make distributions of Retained Interest to the Retained Interest Holder on each Distribution Date; (v) to pay to the Trustee any investment income; (vi) to remove amounts deposited in error; and (xivvii) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. To the extent amounts are reimbursable pursuant to clause (iii) which are not to be paid from receipts on a specific Mortgage Loan, they shall be allocated first to Principal Funds or Interest Funds, as applicable, relating to the Loan Group (and Loan Subgroup) in which the Mortgage Loan giving rise to the need for reimbursement was contained or, if not specifically allocable to one Loan Group, then to Principal Funds or Interest Funds, as applicable relating to both Loan Groups (and, if applicable, among the Loan Subgroups in each Loan Group), pro rata, based upon the Scheduled Principal Balance of the Mortgage Loans in each Loan Group (or Loan Subgroup). (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds and Principal Funds for such Distribution Date to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee willSecurities Administrator shall, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder Agreements for the following purposes (limited purposes, not in the case any order of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):priority: (i) to reimburse the Master Servicer, the Company any Interim Servicer or the related any Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company an Interim Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company any Interim Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company such Interim Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company any Interim Servicer or the related 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, the Company such Interim Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that ; (iv) to pay the Master Servicer, any Interim Servicer shall not be or any Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Loan, the amount which it, such Interim Servicer or such Servicer would have been entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that receive under subclause (i) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xvii) of this Subsection (a) to as servicing compensation on account of each defaulted scheduled payment on such Loan if paid in a timely manner by the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]related Mortgagor; (v) [reserved]to pay the Master Servicer, any Interim Servicer or any Servicer from the Purchase Price for any Loan, the amount which it, such Interim Servicer or such Servicer would have been entitled to receive under subclause (vii) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company any Interim Servicer or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 Servicing Fee and any and all other Master Servicing Compensation to the Master Servicer, the Servicing Fee to the Interim Servicers and the Servicers (to the extent such Servicing Fee was not retained by the Interim Servicer as set forth in Section 4.14; (ix) or the Servicer pursuant to the related Servicing Agreement), the Credit Risk Management Fee to the Credit Risk Manager for such Distribution Date and to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.3, 8.04(c) 6.3; 8.5 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement;10.1. (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiviii) to reimburse or pay the Company any Interim Servicer or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company Interim Servicer or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or and the Securities Administrator for expenses, costs and liabilities liabilities, if any, incurred by or reimbursable to it such parties pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.019.1. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.063.23(b). (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Group I Available Funds Distribution Amount and Group II Available Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders Holders of the Group I Senior, Group II Senior and Subordinate Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 4.1.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that 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 (xxi) 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) [reserved]to pay the Master Servicer or any Servicer (payment to any 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 Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or any Servicer (payment to any 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) from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement12.03; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Group Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds Proceeds, Recoveries and Liquidation Proceeds) which represent late payments or recoveries of the principal of or interest on such Mortgage Loan payment respecting which such Advance or Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company or the related Servicer from Insurance Proceeds Proceeds, Recoveries or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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 subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and or in the related Servicing Agreement, as applicable; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiii), inclusive, and (viiiv) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit Interest Remittance Amount and Principal Distribution Amount in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates, Series 2005-5)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to the Servicing Agreements or this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (xxi) 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) [reserved]to pay the Master Servicer or 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 the Servicer would have been entitled to receive under subclause (ix) 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) [reserved]to pay the Master Servicer or the Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or the Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06). (c) On each Distribution Date, the Trustee shall distribute the Group Available Funds for each Loan Group to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer’s own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 4.03 (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to this Agreement, including but not limited to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.019.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds and Principal Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates as instructed by the Master Servicer or the Securities Administrator in accordance with the Remittance Report upon which the Trustee may conclusively relySection 9.07.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A6)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator will make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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 through (viiv); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to each Loan Group to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Group I Available Funds and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Master Servicer will, from time to time on demand of the Master Servicer or the Securities Trust Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the Master Agreement. The Master Servicer may clear and terminate the Distribution Account pursuant to Section 9.01 and remove amounts from time to time deposited in error. (b) On an ongoing basis, the Master Servicer shall withdraw from the Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including but not limited to amounts payable to the Servicer or the Depositor pursuant to Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and (ii) any Servicing Agreement or amounts expressly payable to the Master Servicer as set forth in Section 3.14. (c) The Master Servicer may withdraw from the Securities Administrator has instructed hereunder for Distribution Account any of the following purposes amounts (limited in the case of amounts due 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 those not withdrawn from the Master Servicer Collection Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08Agreement): (i) to reimburse the Master Trustee (to the extent it is obligated to do so as successor Servicer, the Company ) or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Trustee or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 or Servicing Advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related Servicer from Liquidation Proceeds and Subsequent Recoveries 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, Servicer or the Company or a Servicer for advances of funds pursuant (other than Advances) made with respect to this Agreement or the related Servicing AgreementMortgage 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 Repurchase Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Liquidation ProceedsSubsequent Recoveries) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Trustee (to the extent it is obligated to do so as successor Servicer, ) or the Company or a 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 as set forth any amounts in respect of taxes pursuant to Section 4.1410.01(g); (ix) without duplication of the amount set forth in clause (iii) above, to reimburse pay any Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreementfrom the Distribution Account; (x) to pay to without duplication of any of the Master Servicerforegoing, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Master Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing AgreementMaster Agreement and to refund to the Servicer 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, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Distribution Account in accordance with Section 5.06); (xiii) to remove amounts deposited in error; and (xivxiii) to clear and terminate the Distribution Account pursuant to Section 11.01. (b) 9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses clauses (i) through (vi), inclusive, and (viiiv) 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 5.06Account. (cd) On or before the Business Day prior to each Distribution Date, the Trustee shall distribute the Available Funds (to the extent of funds on it is obligated to do so as successor Servicer) shall remit to the Master Servicer 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 Trustee or the Master Servicer, as applicable, with respect to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relyMortgage Loans.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Wf1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related any Servicer for any Advance or Servicing Advance of its own funds or any advance of the Company's or such Servicer's own funds, the right of the Master Servicer, the Company or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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 (xxi) 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) [reserved]to pay the Master Servicer, the Company 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 Company or such Servicer would have been entitled to receive under subclause (ix) of this Subsection 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) [reserved]to pay the Master Servicer, the Company or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it, the Company or such Servicer would have been entitled to receive under subclause (ix) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any and the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 (xxi) 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) [reserved]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 (ix) 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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (viii) or (ix) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing AgreementSections, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees and expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds and Principal Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pass THR Cert Ser 2002-2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); (viiiv) to pay the Master Servicer as set forth in Section 4.144.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.034.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiix) to remove amounts deposited in error; (xi) to make distributions to the Swap Administrator for payment to the Swap Provider as provided in this Agreement; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount and Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (SACO I Trust 2006-9)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related any Servicer for any Advance of its own funds or any Servicing Advance of its the Company's or such Servicer's own funds, the right of the Master Servicer, the Company or the related Servicer Servicers to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders of the Certificates and MBIA in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asst Bk Cert Ser 2002-Ac3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related any Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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 (a) to the Master Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Group I Available Funds to the extent of funds on deposit and Group II Available Funds in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Certificates Series 2002-Ac4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, Administrator make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer or the Securities Administrator has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement or as the Securities Administrator has instructed hereunder Agreements for the following purposes 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing P&I Advance of its own funds or any advance of such Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 P&I Advance or Servicing Advance advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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 or such 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 (xxi) of this Subsection (a) to the Master Servicer or such Servicer; and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (ix) of this Subsection 3.24(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) [reserved]to pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company Servicer or a 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 as set forth in Section 4.14Credit Risk Management Fee to the Credit Risk Manager; (ix) to pay the Servicing Fee to the Servicers and the Master Servicing Fee to the Master Servicer for such Distribution Date and the amount of any income or gain realized from investments of funds on deposit in the Distribution Account pursuant to Section 3.14 hereof; to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 6.03 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement10.01; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and 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, the Custodian or Trustee and the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it such parties pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to reimburse the Custodian for expenses, costs and liabilities incurred or reimbursable to it pursuant to the Custodial Agreement; (xiv) to remove amounts deposited in error; and (xivxv) to clear and terminate the Distribution Account pursuant to Section 11.019.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.063.23(b). (c) On each Distribution Date, the Trustee shall distribute the Available Funds Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates and MBIA in accordance with Section 4.01 and the Remittance Report upon which applicable instructions of the Trustee may conclusively relySecurities Administrator.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2002-He2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.08):5.09: (i) to reimburse the Master Servicer, Servicer and the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance was made; (ii) to reimburse the Master Servicer, Servicer and the Company or the related Servicer from Insurance Proceeds, Liquidation Proceeds or Liquidation Proceeds Subsequent Recoveries relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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, Servicer and the Company or 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 Servicer, the Company Servicer or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, Servicer and the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, Servicer and the Company or a 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 through (viiv); (viii) to pay the Master Servicer as set forth in Section 4.14; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xivii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreementherein; (xiiviii) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); (xiiiix) to remove amounts deposited in error; and (xivx) to clear and terminate the Distribution Account pursuant to Section 11.01. (b) The Master Servicer shall keep and maintain separate accounting, accounting on a Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.08. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Cl1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time time, on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any and the Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited limited, in the case of amounts due the Master Servicer Servicer, to those amounts not withdrawn from the Master Servicer Collection Account Distribution Account, as certified by the Securities Administrator in accordance with the terms of this Agreement; provided that the Trustee shall Agreement but not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08in any order of priority): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer for any Advance or Servicing Monthly Advance of its own fundsfunds (to the extent not already reimbursed from the Custodial Account), the right of the Master Servicer, the Company Servicer or the related Servicer Subservicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which that represent late payments or recoveries of the principal of or interest on such Mortgage Loan respecting which that such Advance or Servicing P&I Advance was mademade by such Person; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended Servicing Advances made by the Master Servicer, the Company Servicer or the related Servicer Subservicer in good faith in connection with the restoration of the related Mortgaged Property which that was damaged by an uninsured cause Uninsured Cause or in connection with the liquidation of such Mortgage LoanLoan (to the extent not already reimbursed from the Custodial Account); (iii) to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer from Insurance Proceeds relating to a particular Mortgage Loan for insured expenses incurred Servicing Advances made by such Person with respect to such Mortgage Loan (to the extent not already reimbursed from the Custodial Account) and to reimburse the Master Servicer, the Company Servicer or the related Servicer Subservicer from Liquidation Proceeds from a particular Mortgage Loan for Servicing Advances in the nature of Liquidation Expenses incurred by such entity with respect to such Mortgage LoanLoan (to the extent not already reimbursed from the Custodial Account); provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that (iA) any amounts with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds pursuant to clause (xviii) of this Subsection (aSection 4.05(a) to the Master Servicer; and (iiB) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Subservicer for Servicing AgreementAdvances made by such Person with respect to the Mortgage Loans (to the extent not already reimbursed from the Custodial Account), and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which that represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company Servicer or a Servicer the Subservicer for any Monthly Advance or advanceServicing Advance made by such Person (to the extent not already reimbursed from the Custodial Account), 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)iv) above; (viiivi) to pay the Master Servicer as set forth in Section 4.143.14 of this Agreement; provided, however, that the Master Servicer shall be obligated to pay from its own funds any amounts that it is required to pay under Section 5.03 hereof; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03Section 3.04(c) hereof (which reimbursement shall not be subject to any annual limitation), 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreementthe extent that the Master Servicer has not already reimbursed itself for such amounts from the Distribution Account; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company Servicer or the related ServicerSubservicer; (xiix) to reimburse or pay the Company Servicer or the related Servicer Subservicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company Servicer or the related ServicerSubservicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse or pay the Trustee, the Custodian or Master Servicer, the Securities Administrator for and the Custodian any amounts due or expenses, costs and liabilities incurred by or reimbursable to it by the Trust pursuant to this Agreement, the Servicing Agreement and the Custodial Agreement, subject to annual limitations of $150,000 in the case of Extraordinary Trust Fund Expenses reimbursable to the Trustee and $250,000 in the case of the Master Servicer, the Custodian and the Securities Administrator combined (not including the costs and expenses described in Section 3.04(c) of this Agreement incurred by the Master Servicer in connection with a transfer of servicing to a new Servicer following an Event of Default under the Servicing Agreement, which shall not be capped), to the extent such amounts have not already been previously paid or reimbursed to such party from the Master Servicer Collection Account in accordance with Section 5.06)Distribution Account; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01[ ] of this Agreement. (b) The Securities Administrator may make withdrawals from the Distribution Account to pay the Trustee or reimburse the Trustee for the amount of any Extraordinary Trust Fund Expenses at any time, up to a limit of $150,000 of Extraordinary Trust Fund Expenses per calendar year; provided, however, that the Trustee shall not have any obligation to incur additional Extraordinary Trust Fund Expenses in excess of such annual limit unless it has received security or indemnity reasonably satisfactory to it for such additional Extraordinary Trust Fund Expenses. The Trustee shall be held harmless and shall not be liable for any consequences to the Certificateholders resulting from any failure of the Trustee to incur any Extraordinary Trust Fund Expenses for which it is not assured reimbursement. (c) The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Mortgage-Loan-by-Mortgage-Loan basis, for the purpose of accounting for any reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viiiiv) of Section 4.05(a) or with respect to any such amounts which that 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 5.06Account. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Corp)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (a4.03(a) to the Master Servicer; , and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or the related Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (xi) 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) [reserved]to pay the Master Servicer or the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and 7.04 (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; (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; and (xvi) on the first Distribution Date, to withdraw an amount equal to the Class X-1 Payment from the Distribution Account and distribute such amount to the holders of the Class X-1 Certificates. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates (other than the Residual Certificates) in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust Series 2005-Ar1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to each Loan Group to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.07. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Group I Available Funds and Group II Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the related Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Servicer or any other Servicer to those not be responsible for such determination and may rely on withdrawn from its Protected Account in accordance with the Master Servicer's or the Securities Administrator's instructions under this Section 5.08related Servicing Agreement): (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; ; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; ; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; ; (iv) [reserved]; 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 (xi) 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) [reserved]; to pay the Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xi) of this subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; ; (vii) to reimburse the Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing 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 or (vi); ; (viii) to pay the any Master Servicer as set forth in Section 4.14; Servicing Fee; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; 11.02, as applicable; (x) to pay to the Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Servicer; an EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; ; (xii) to reimburse the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06); Agreement; (xiii) to remove amounts deposited in error; and and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, based solely on the applicable Remittance Report, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04(a).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-Sd3)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company or the related any Servicer for any Advance or Servicing Advance of its own funds or any advance of the Company's or such Servicer's own funds, the right of the Master Servicer, the Company or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or the related 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, the Company or the related 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 (xxi) 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) [reserved]to pay the Master Servicer, the Company 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 Company or such Servicer would have been entitled to (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) [reserved]to pay the Master Servicer, the Company or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it, the Company or such Servicer would have been entitled to receive under subclause (ix) of this Subsection (a) as servicing compensation; (vi) to reimburse the Master Servicer, the Company or a any Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 as set forth in Section 4.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement12.02; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vi), inclusive, and (viii) 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 5.06. (c) On each Distribution Date, the Trustee shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, from time to time on demand of the ▇▇▇▇▇ Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the ▇▇▇▇▇ Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any the Servicing Agreement Agreements or as the Securities Administrator has instructed hereunder for the following 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; provided that , and in the Trustee shall case of amounts due the EMC Master Servicer to those not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this withdrawn from its Protected Account in accordance with Section 5.081.08 of Exhibit K): (i) to reimburse the ▇▇▇▇▇ Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Advance of its own fundsAdvance, the right of the ▇▇▇▇▇ Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the Repurchase 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 Servicing Advance advance was made; (ii) to reimburse the ▇▇▇▇▇ Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the ▇▇▇▇▇ Master Servicer, the Company Servicer or the related such Servicer in good faith in connection with the restoration of the related Mortgaged Property which was damaged not covered by an uninsured cause any Insurance Policy, including any hazard insurance or in connection with the liquidation of such Mortgage Loan; (iii) to reimburse the ▇▇▇▇▇ Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses liquidation expenses incurred with respect to such Mortgage Loan; provided that the ▇▇▇▇▇ Master Servicer shall not be entitled to reimbursement for Liquidation Expenses 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 (xxi) of this Subsection (a) to the ▇▇▇▇▇ Master Servicer; and (ii) such Liquidation Expenses liquidation expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]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 (ix) 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) [reserved]to pay the ▇▇▇▇▇ Master Servicer or any Servicer from the Purchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (ix) of this subsection (a) as servicing compensation; (vi) to reimburse the ▇▇▇▇▇ Master Servicer, the Company Servicer or a any Servicer for advances of funds unreimbursed Servicing Advances made pursuant to this Agreement or the related applicable Servicing 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 Repurchase Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances Servicing Advances were made; (vii) to reimburse the ▇▇▇▇▇ Master Servicer, the Company Servicer or a any Servicer for any unreimbursed Advance or advanceany Servicing 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 or (vi); (viii) to pay the any ▇▇▇▇▇ Master Servicer as set forth in Section 4.14Servicing Fee; (ix) to reimburse the each Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c) 7.03 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement11.02, as applicable; (x) to pay to the ▇▇▇▇▇ Master Servicer, as additional compensation, any Excess Liquidation Proceeds with respect to a Mortgage Loan other than an EMC Mortgage Loan to the extent not retained by the related Servicer and to pay to the EMC Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds with respect to the extent not retained by the Company or the related Serviceran EMC Mortgage Loan; (xi) to reimburse or pay the Company any Servicer or the related ▇▇▇▇▇ Master Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse the Trustee, the Custodian Trustee or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vixii), inclusive, and (viii) 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 5.064.02(b). (c) On each Distribution Date, the Trustee shall distribute the Available Interest Funds to the extent of funds on deposit and Principal Funds in the Distribution Account for each Loan Group to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Paying Agent will, from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this the related Servicing Agreement or any Servicing this Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Master Servicer's or Servicer's own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or 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; (iii) to reimburse the Master Servicer, the Company Servicer or 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 Servicer, the Company Servicer or the related 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 (a4.03(a) to the Master Servicer; , and (ii) such Liquidation Expenses were not included in the computation of such Excess Liquidation Proceeds; (iv) [reserved]to pay the Master Servicer or the related Servicer, as appropriate, from Liquidation Proceeds or Insurance Proceeds received in connection with the liquidation of any Mortgage Loan, the amount which the Master Servicer or the related Servicer would have been entitled to receive under subclause (xi) 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) [reserved]to pay the related Servicer from the Repurchase Price for any Mortgage Loan, the amount which the related Servicer would have been entitled to receive under subclause (xi) of this Subsection 4.03(a) as servicing compensation; (vi) to reimburse the Master Servicer, Servicer or the Company or a related Servicer for advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, Servicer or the Company or a related 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 as set forth in Section 4.143.14; (ix) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.03, 8.04(c7.04(c) and 7.04 (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement); (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related a Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related such Servicer, to the extent provided herein and in the related Servicing Agreement; (xii) to reimburse or pay the Trustee, the Custodian Securities Administrator or the Securities Administrator Custodian for fees, expenses, costs and liabilities incurred by and reimbursable or reimbursable payable to it pursuant to this Agreement (and not otherwise reimbursable or payable to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)it; (xiii) to remove amounts deposited in error; and; (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01; 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 reimbursement from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, and (viii) 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 5.06x). (c) On each Distribution Date, the Trustee Paying Agent shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account for each Loan Group to the holders Holders of the Certificates (other than the Residual Certificates) in accordance with distribution instructions provided to it by the Remittance Report upon which Securities Administrator no later than two Business Days prior to such Distribution Date and determined by the Trustee may conclusively relySecurities Administrator in accordance with Section 6.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2005-Ar2)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee will, Securities Administrator will from time to time on demand of the Master Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has are designated for such transfer or withdrawal pursuant to this Agreement or any the related Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08): (i) to reimburse the Master Servicer, the Company Servicer or the related Servicer for any unreimbursed Advance or Servicing Advance of its own fundsfunds pursuant to this Agreement or the related Servicing Agreement, the such right of the Master Servicer, the Company Servicer or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 Supplemental Interest Trust Trustee or the Swap Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this agreement; to reimburse the Master Servicer, the Company Servicer or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for unreimbursed amounts expended by the Master Servicer, the Company Servicer or the related 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; provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans from which such expenditures were made; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (vii) to reimburse the Master Servicer, the Company or a 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 (viiii); provided, however, that such reimbursement pursuant to this clause shall be limited to amounts recovered from Mortgage Loans from which such Advance was made; (viiiv) to pay the Master Servicer as set forth in Section 4.143.09; (ixvi) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.033.02, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xvii) 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 related Servicer; (xiviii) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Distribution Account in accordance with Section 5.064.08); (xiiix) to remove amounts deposited in error; and (xivxi) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.064.08. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds related Interest Remittance Amount and the Principal Distribution Amount to the extent of funds on deposit in the Distribution Account to the holders of the related Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 5.04.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Im1)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following 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; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.065.07); (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viiivi) 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 5.065.07. (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates and the Class A-5 Insurer in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac9)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Master Servicer will, from time to time on demand of the Master Servicer or a Servicer, the Securities Administrator, or for its own account as set forth below, make or cause to be made such withdrawals or transfers from the Distribution Account Account, in the case of a demand by a Servicer, as the Master applicable Servicer has designated for such transfer or withdrawal pursuant to this Agreement the applicable Servicing Agreement, or any Servicing Agreement or in the case of a demand by the Securities Administrator as the Securities Administrator has instructed hereunder demanded pursuant hereto, or as the Master Servicer has determined to be appropriate in accordance herewith, for the following 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; provided that the Trustee shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's instructions under this Section 5.08):purposes: (i) to reimburse the Master Servicer, the Company Servicer or the related any Servicer for any Advance or Servicing Monthly Advance of its own funds or any advance of such Servicer’s own funds, the right of the Master Servicer, the Company Servicer or the related a Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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 advance was made; (ii) to reimburse the Master Servicer, the Company Servicer or the related any Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company Servicer or the related 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; (iii) to reimburse the Master Servicer, the Company Servicer or the related 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, the Company Servicer or the related such Servicer from Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses incurred with respect to such Mortgage Loan; provided that ; (iv) to pay the Master Servicer shall not be or any Servicer, as appropriate, from Liquidation Proceeds, (including Insurance Proceeds received in connection with the liquidation of any Mortgage Loan) the amount which it or such Servicer would have been entitled to reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the extent that receive under subclause (iix) any amounts with respect to of this Subsection 4.03(a) as servicing compensation on account of each defaulted scheduled payment on such Mortgage Loan were if paid as Excess Liquidation Proceeds pursuant in a timely manner by the related Mortgagor; (v) to clause pay the Master Servicer or any Servicer from the Repurchase Price for any Mortgage Loan, the amount which it or such Servicer would have been entitled to receive under subclause (xix) 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) [reserved]; (v) [reserved]as servicing compensation; (vi) to reimburse the Master Servicer, the Company Servicer or a any Servicer for servicing related advances of funds pursuant to this Agreement or the related Servicing Agreementfunds, and the right to reimbursement pursuant to this subclause being limited to amounts received on the related Mortgage Loan (including, for this purpose, the 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, the Company Servicer or a 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 as set forth in its monthly Master Servicing Fee and any investment income and other additional servicing compensation payable pursuant to Section 4.143.14; (ix) to reimburse the Master Servicer or the Securities Administrator for expenses, costs and liabilities incurred any expenses recoverable by and reimbursable to it the Master Servicer or the Securities Administrator pursuant to Sections 4.033.03, 8.04(c) 7.04 and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement9.05; (x) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xi) to reimburse or pay the Company or the related any Servicer any such amounts as are due thereto under this Agreement or the related applicable Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing AgreementAgreement and to pay to ▇▇▇▇▇▇▇▇▇, as additional servicing compensation any Prepayment Penalty Amounts received by the Master Servicer; (xiixi) to reimburse the TrusteeSecurities Administrator, the Custodian or Trustee and the Securities Administrator Delaware Trustee for expenses, costs and liabilities incurred by or reimbursable to it them pursuant to this Agreement Sections 7.04 or 9.05 (including those related to the Custodian, to the extent not reimbursed from paid by ▇▇▇▇▇▇▇▇▇); (xii) to make distributions of Retained Interest to the Master Servicer Collection Account in accordance with Section 5.06)Retained Interest Holder on each Distribution Date; (xiii) to remove amounts deposited in error; and (xiv) to clear and terminate the Distribution Account pursuant to Section 11.0110.01. (b) In addition, on or before the Business Day preceding each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Securities Administrator for deposit therein) any Monthly Advances or payments of Compensating Interest, 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 reimbursement payments or reimbursements from the Distribution Account pursuant to subclauses (i) through (vivii), inclusive, (ix) and (viiix) 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 5.064.02(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 certain other parties hereto, including, but not limited to, each such party’s name, address and other identifying information. (e) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee may conclusively relySection 6.01.

Appears in 1 contract

Sources: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)

Permitted Withdrawals and Transfers from the Distribution Account. (a) The Trustee Securities Administrator will, from time to time on demand of the Master Servicer or the Securities AdministratorServicer, make or cause to be made such withdrawals or transfers from the Distribution Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement or any Servicing Agreement or as the Securities Administrator has instructed hereunder for the following purposes (limited in the case of amounts due the Master Servicer to those not withdrawn from the Master Servicer Collection Distribution Account in accordance with the terms of this Agreement; provided that the Trustee Securities Administrator shall not be responsible for such determination and may rely on the Master Servicer's or the Securities Administrator's ’s instructions under this Section 5.085.09): (i) to reimburse the Master Servicer, the Company or the related Servicer for any Advance or Servicing Advance of its own funds, the right of the Master Servicer, the Company or the related Servicer to reimbursement pursuant to this subclause (i) being limited to amounts received on a particular Mortgage Loan (including, for this purpose, the 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, the Company or the related Servicer from Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended by the Master Servicer, the Company or the related 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, the Company or 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 Servicer, the Company or the related 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) [reserved]; (v) [reserved]; (vi) to reimburse the Master Servicer, the Company or a Servicer for advances of funds pursuant to this Agreement or the related Servicing 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 Repurchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which represent late recoveries of the payments for which such advances were made; (viiv) to reimburse the Master Servicer, the Company or a 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); (viiivi) to pay the Master Servicer as set forth in Section 4.14; (ixvii) to reimburse the Master Servicer for expenses, costs and liabilities incurred by and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02 or otherwise reimbursable to it pursuant to this Agreement; (xviii) to pay to the Master Servicer, as additional servicing compensation, any Excess Liquidation Proceeds to the extent not retained by the Company or the related Servicer; (xiix) to reimburse or pay the Company or the related Servicer any such amounts as are due thereto under this Agreement or the related Servicing Agreement and have not been retained by or paid to the Company or the related Servicer, to the extent provided herein and in the related Servicing Agreement; (xiix) to reimburse the Trustee, the Custodian or the Securities Administrator for expenses, costs and liabilities incurred by or reimbursable to it pursuant to this Agreement (to the extent not reimbursed from the Master Servicer Collection Account in accordance with Section 5.06)Agreement; (xiiixi) to remove amounts deposited in error; and (xivxii) to clear and terminate the Distribution Account pursuant to Section 11.01. (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 reimbursement from the Distribution Account pursuant to subclauses (i) through (viiv), inclusive, and (viii) 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 5.06vi). (c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Available Funds to the extent of funds on deposit in the Distribution Account to the holders Holders of the Certificates in accordance with the Remittance Report upon which the Trustee Securities Administrator may conclusively rely.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac3)