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

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 11 contracts

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-5), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-4)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall cause to be withdrawn from the Collection Account the Group I Interest Funds (other than the amounts subtracted from such funds in such definition) and the Group I Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), the Group II Interest Funds (other than the amounts subtracted from such funds in such definition), the Group II Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), to the extent on deposit, and such amount shall be deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable AdvanceAccount. (b) The Trust Administrator Servicer or the Paying Agent shall withdraw funds from the Distribution Account for distributions distribution to Certificateholders, the Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold retain pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Servicer may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay withdraw pursuant to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Section 3.05 any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (ivii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 9 contracts

Sources: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them)the Servicer, to pay to the Servicer the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount as additional servicing compensation; (ii) to the extent not previously retained by the Servicer, to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances and Servicing Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance or Servicing Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.2, 2.3 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the TransferorServicer, the Master Servicer Seller or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 6.3 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit each Servicer Remittance Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Total Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, Amount and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.1 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee and the NIMS Insurer, if any, an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(sLoan(s), and their respective portions of such Nonrecoverable Advance. (b) [Reserved] (c) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, Certificateholders in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11)Agreement. In addition, the Trust Administrator Trustee may prior to making the distribution pursuant to Section 4.1 from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and reimburse itself for reasonable expenses and any indemnities to which it is owed pursuant to Section 8.5 hereof for the related Distribution Date; (ii) to the extent not previously retained by the Servicer, to pay to the Servicer the servicing compensation to which it is entitled pursuant to Section 3.14; (iii) to pay to the Trustee earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiv) to pay any monthly Bulk PMI policy premium; (v) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer or Trustee any amount deposited in the Distribution Account and not required to be deposited therein therein, including any amounts owed to the Servicer as part of the Servicing Fee in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05terms hereunder; and (ivvi) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.1 hereof.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Aegis Asset Backed Sec Tr Mort Pass THR Cert Ser 2004 1), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pass THR Certs Ser 2003-2), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may shall, from time to time time, make withdrawals from the Collection Account Account, for any of the following purposespurposes or as described in Section 4.02, without priority: (i) to pay remit to the Servicers Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for Advances, but only to the extent not previously retained by themof amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans in accordance with the provisions of Section 4.02; (iii) subject to Section 3.16(d), to pay the servicing compensation Servicer or any Sub‑Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to which they are entitled pursuant each Mortgage Loan, but only to Section 3.19the extent of any Late Collections, and Liquidation Proceeds, Insurance Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan; (iv) to pay to the Master Servicer, earnings Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income with respect to earned on funds deposited in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaserServicer or the Seller, as the case may be, with respect to each Mortgage Loan or property acquired in respect thereof that has previously been purchased or replaced pursuant to Section 2.02 2.08 or 2.03, Section 3.16(c) all amounts received thereon after subsequent to the date of such purchasepurchase or substitution, as the case may be; (vi) to reimburse the Servicer for any Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable Advance in accordance with the provisions of Section 4.02; (vii) to reimburse the Transferor, the Master Servicer or the Depositor Company for expenses or indemnities incurred by any of them and or reimbursable to the Servicer or the Company, as the case may be, pursuant to Section 6.03 hereof6.03; (viii) to withdraw any amount deposited reimburse the NIMS Insurer, the Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.08 of this Agreement that were included in the Collection Account and not required Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be deposited thereinlimited to an annual amount of $25,000; (ix) on to pay, or prior to reimburse the Distribution Account Deposit DateServicer for advances in respect of, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) expenses incurred in connection with any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor Mortgage Loan pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.023.16(b); and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account Account, to the extent held by or on behalf of it, pursuant to such subclauses (i), (ii), (iviii), (v), (vi), (viii) and (vi)ix) above. Prior The Servicer shall provide written notification to the Trustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawal withdrawals from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advancevii) above. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to CertificateholdersTrustee shall, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, make withdrawals from the Distribution Account Account, for any of the following purposes, without priority: (i) to pay make distributions to Certificateholders and for deposit into the Trust Administrator Reserve Fund, and the earnings on or investment income, if any, on funds Supplemental Interest Account in or credited to the Distribution Accountaccordance with Section 4.05; (ii) to withdraw and return pay any Extraordinary Trust Fund Expenses; (iii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c); (iv) to reimburse itself pursuant to Section 7.02 or pursuant to Section 7.01 to the Master extent such amounts in Section 7.01 were not reimbursed by the Servicer; (v) to pay any tax imposed on prohibited transactions of any Trust REMIC created hereunder pursuant to Section 860F(a) of the Code, on the net income from foreclosure property of any such REMIC pursuant to Section 860G(c) of the Code, or on any contributions to any such REMIC after the “startup day” therefor pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, unless such tax arises out of or results from a breach by the Trustee or the Servicer of any of their obligations under this Agreement; (vi) to pay any and all expenses relating to any tax audit of the Trust Fund (including, but not limited to, any professional fees or any administrative or judicial proceedings with respect to any other amountTrust REMIC that involve the Internal Revenue Service or state tax authorities) unless such expenses, professional fees or any administrative or judicial proceedings are incurred by reason of the Trustee’s willful misfeasance, bad faith or negligence; (vii) to remit to the Servicer any amount deposited in the Distribution Account and by the Servicer but not required to be deposited therein in accordance with Section 3.07(d3.10(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (ivviii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof9.01; and (ix) to pay itself the Trustee Fees.

Appears in 4 contracts

Sources: Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2007-He1), Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2006-He5), Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2006-He3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and Account, (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-11)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained by themit), the servicing compensation to which they are it is entitled pursuant to Section 3.19under the Servicing Agreement, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers Servicer or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers Servicer or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ Servicer’s or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.16 hereof (v) to reimburse the Servicer, the NIMS Insurer or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available FundsFunds and Class P Prepayment Charges, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and; (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), Loan(s) and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; (iv) to pay the Credit Risk Manager Fee to the Credit Risk Manager; provided, however, that upon termination of the Credit Risk Manager pursuant to Section 3.24 hereof, the amount of the Credit Risk Manager Fee (or any portion thereof) previously payable to the Credit Risk Manager as described herein shall be paid to the Transferor; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1), Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1), Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-2), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-3), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers each Servicer (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19under the related Servicing Agreement, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers Servicer or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.16 hereof (v) to reimburse each Servicer, the NIMS Insurer or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available FundsFunds and Trust Prepayment Charges, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), Loan(s) and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Mastr Second Lien Trust 2005-1), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Ab1), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Ab1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall cause to be withdrawn from the Collection Account the Group I Interest Funds (other than the amounts subtracted from such funds in such definition) and the Group I Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), the Group II Interest Funds (other than the amounts subtracted from such funds in such definition), the Group II Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), to the extent on deposit, and such amount shall be deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable AdvanceAccount. (b) The Trust Administrator Servicer shall withdraw funds from the Distribution Account for distributions distribution to Certificateholders, the Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold retain pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Servicer may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Servicer, as additional compensation, earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return pursuant to the Master Servicer, with respect to any other amount, Section 3.05 any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iviii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc), Pooling and Servicing Agreement (Mortgage Asset Securit Trans Inc Mort Ps THR Cert Ser 2003-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds, Group 8 Available Funds, Group 9 Available Funds and Group 10 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date related Prepayment Period and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-6), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-7)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-7), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-7)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds and Group 6 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount pursuant to Section 3.19; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses insured expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Master Servicer and the Servicer (to the extent not previously retained or withdrawn by them), the servicing compensation to which they are entitled pursuant to Section 3.19entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount pursuant to Section 3.19; (ii) to reimburse each of the Servicers Servicer or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers Servicer or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers Servicer or the Master Servicer for Insured Expenses insured expenses from the related Insurance Proceeds; (v) to reimburse the Servicers Servicer or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ Servicer’s or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Starm Mortgage Loan Trust 2007-2), Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds and Group 4 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account Account, and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator itself the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement, Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2005-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on any with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2007-Hf1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2005-8)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24in accordance with its instructions; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-3), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Se 2003 9)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(s) which (including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall cause to be withdrawn from the Collection Account the Group I Interest Funds (other than the amounts subtracted from such funds in such definition) and the Group I Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), the Group II Interest Funds (other than the amounts subtracted from such funds in such definition), the Group II Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), to the extent on deposit, and such amount shall be deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable AdvanceAccount. (b) The Trust Administrator Servicer or the Paying Agent shall withdraw funds from the Distribution Account for distributions distribution to Certificateholders, the Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold retain pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Servicer may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay withdraw pursuant to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Section 3.05 any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (ivii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Chase Funding Trust, Series 2004-2), Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Trust Fund Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on any with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Marm 2005-7), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them)the Servicer, to pay to the Servicer the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount as additional servicing compensation; (ii) to the extent not previously retained by the Servicer, to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.2, 2.3 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 6.3 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, Amount and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.1 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(sLoan(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, Certificateholders in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11)Agreement. In addition, the Trust Administrator Trustee may prior to making the distribution pursuant to Section 4.1 from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and reimburse itself for reasonable expenses for the related Distribution Date (allocated pro rata by Group, if applicable); (ii) to the extent not previously retained by the Servicer, to pay to the Servicer the servicing compensation to which it is entitled pursuant to Section 3.14; (iii) to pay to the Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiv) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein therein, including any amounts owed to the Servicer as part of the Servicing Fee in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05terms hereunder; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.1 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Sast 2007-2), Pooling and Servicing Agreement (Saxon Asset Securities Trust 2007-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds, Group 8 Available Funds and Group 9 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date related Prepayment Period and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date Funds and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-2), Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2004-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them)the Servicer, to pay to the Servicer the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount as additional servicing compensation; (ii) to the extent not previously retained by the Servicer, to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances and Servicing Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the any Mortgage Loan(s) Loan in respect of which any such Advance or Servicing Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.2, 2.3 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the TransferorServicer, the Master Servicer Seller or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 6.3 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit each Servicer Remittance Date, to (a) withdraw (i) an amount equal to the amount then on deposit in the Collection Account with respect to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date (minus any withdrawals permitted to be made by the Servicer pursuant to this Section 3.8 and (iiiamounts permitted to be retained in the Collection Account for remittance on subsequent Servicer Remittance Dates) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.1 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee and the NIMS Insurer, if any, an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(sLoan(s), and their respective portions of such Nonrecoverable Advance. (b) [Reserved] (c) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, Certificateholders in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11)Agreement. In addition, the Trust Administrator Trustee may prior to making the distribution pursuant to Section 4.1 from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and reimburse itself for reasonable expenses and costs and any indemnities to which it is owed pursuant to Section 8.5 hereof for the related Distribution Date; (ii) to the extent not previously retained by the Servicer, to pay to the Servicer the servicing compensation to which it is entitled pursuant to Section 3.14; (iii) to pay to the Trustee earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiv) to pay any monthly Bulk PMI policy premium; (v) to withdraw and return to the Master ServicerServicer or the Trustee, with respect to any other amountas applicable, any amount deposited in the Distribution Account and not required to be deposited therein therein, including any amounts owed to the Servicer as part of the Servicing Fee in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05terms hereunder; and (ivvi) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.1 hereof.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-3), Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-4)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds and Group 4 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator Master Servicer the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)[reserved]; (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-8)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc MRT Ps THR Certs Ser 2003-3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Funds and Group 2 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to WMMSC the Trust Administrator WMMSC Investment earnings Amount pursuant to Section 3.19. (ii) to pay to the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-4)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Adj Rate Mort Tr 2004 3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and Account, (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages 2004-14)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date related Prepayment Period and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-10)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall cause to be withdrawn from the Collection Account the Group I Interest Funds (other than the amounts subtracted from such funds in such definition) and the Group I Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), the Group II Interest Funds (other than the amounts subtracted from such funds in such definition), the Group II Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition) and the PMI Insurer's Fee and the Advisor's Fee, to the extent on deposit, and such amount shall be deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable AdvanceAccount. (b) [Reserved]. (c) The Trust Administrator Servicer shall withdraw funds from the Distribution Account for distributions distribution to Certificateholders, the Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold retain pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Servicer may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Servicer, as additional compensation, earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return pay to the Master Servicer, with respect PMI Insurer the PMI Insurer Fee; (iii) to any other amount, pay to the Loss Mitigation Advisor the Advisor's Fee; (iv) to withdraw pursuant to Section 3.05 any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may shall, from time to time time, make withdrawals from the Collection Account Account, for any of the following purposespurposes or as described in Section 4.02, without priority: (i) to pay remit to the Servicers Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for Advances, but only to the extent not previously retained by themof amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans in accordance with the provisions of Section 4.02; (iii) subject to Section 3.16(d), to pay the servicing compensation Servicer or any Sub‑Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to which they are entitled pursuant each Mortgage Loan, but only to Section 3.19the extent of any Late Collections, and Liquidation Proceeds, Insurance Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan; (iv) to pay to the Master Servicer, earnings Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income with respect to earned on funds deposited in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaserServicer or the Seller, as the case may be, with respect to each Mortgage Loan or property acquired in respect thereof that has previously been purchased or replaced pursuant to Section 2.02 2.08 or 2.03, Section 3.16(c) all amounts received thereon after subsequent to the date of such purchasepurchase or substitution, as the case may be; (vi) to reimburse the Servicer for any Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable Advance in accordance with the provisions of Section 4.02; (vii) to reimburse the Transferor, the Master Servicer or the Depositor Company for expenses or indemnities incurred by any of them and or reimbursable to the Servicer or the Company, as the case may be, pursuant to Section 6.03 hereof6.03; (viii) to withdraw any amount deposited reimburse the NIMS Insurer, the Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.08 of this Agreement that were included in the Collection Account and not required Purchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be deposited thereinlimited to an annual amount of $25,000; (ix) on to pay, or prior to reimburse the Distribution Account Deposit DateServicer for advances in respect of, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) expenses incurred in connection with any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor Mortgage Loan pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.023.16(b); and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account Account, to the extent held by or on behalf of it, pursuant to such subclauses (i), (ii), (iviii), (v), (vi), (viii) and (vi)ix) above. Prior The Servicer shall provide written notification to the Trustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawal withdrawals from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advancevii) above. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to CertificateholdersTrustee shall, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, make withdrawals from the Distribution Account Account, for any of the following purposes, without priority: (i) to pay make distributions to Certificateholders and for deposit into the Trust Administrator Reserve Fund and the earnings on or investment income, if any, on funds Supplemental Interest Account in or credited to the Distribution Accountaccordance with Section 4.05; (ii) to withdraw and return pay any Extraordinary Trust Fund Expenses; (iii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c); (iv) to reimburse itself pursuant to Section 7.02 or pursuant to Section 7.01 to the Master extent such amounts in Section 7.01 were not reimbursed by the Servicer; (v) to pay any tax imposed on prohibited transactions of any Trust REMIC created hereunder pursuant to Section 860F(a) of the Code, on the net income from foreclosure property of any such REMIC pursuant to Section 860G(c) of the Code, or on any contributions to any such REMIC after the “startup day” therefor pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, unless such tax arises out of or results from a breach by the Trustee or the Servicer of any of their obligations under this Agreement; (vi) to pay any and all expenses relating to any tax audit of the Trust Fund (including, but not limited to, any professional fees or any administrative or judicial proceedings with respect to any other amountTrust REMIC that involve the Internal Revenue Service or state tax authorities) unless such expenses, professional fees or any administrative or judicial proceedings are incurred by reason of the Trustee’s willful misfeasance, bad faith or negligence; (vii) to remit to the Servicer any amount deposited in the Distribution Account and by the Servicer but not required to be deposited therein in accordance with Section 3.07(d3.10(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (ivviii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof9.01; and (ix) to pay itself the Trustee Fees.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2006-He1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Purchase and Servicing Agreement, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s ' right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereofFees; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to 3:00 p.m. New York time on the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable reimburseable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer (or any similar certificate required to be delivered by a Servicer pursuant to its Purchase and Servicing Agreement) indicating the amount of any previous Advance determined by the Master Servicer (or the Servicer, as applicable) to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) To withdraw and pay to the Custodian any indemnity or expense owed to it pursuant to the Custodial Agreement; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d);therein; and (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.0510.02; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital Inc Trust 2002-Wl1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-12)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds, Group 8 Available Funds, Group 9 Available Funds, Group 10 Available Funds and Group 11 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date related Prepayment Period and (iii) on or after the related Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-4)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) (Reserved); (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d);therein; and (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Ser 2002 2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to CertificateholdersCertificateholders and the Class 2-A-2 Insurer, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Master Servicer and the Servicers (to the extent not previously retained or withdrawn by them), the servicing compensation to which they are entitled pursuant to Section 3.19entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount pursuant to Section 3.19; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses insured expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers or the Master Servicer, as the case may be (to the extent not previously retained by themthe Servicers or the Master Servicer), the servicing compensation or master compensation, as the case may be, to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d);therein; and (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cer Ser 2002-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained by themit), the servicing compensation to which they are it is entitled pursuant to Section 3.19the Servicing Agreement, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers Servicer or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers Servicer or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers Servicer or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers Servicer or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ Servicer's or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (iA) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds and Group 4 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiB) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-13)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date related Prepayment Period and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-8)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Servicer Remittance Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-4)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Master Servicer and the Servicer (to the extent not previously retained or withdrawn by them), the servicing compensation to which they are entitled pursuant to Section 3.19entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount pursuant to Section 3.19; (ii) to reimburse each of the Servicers Servicer or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers Servicer or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers Servicer or the Master Servicer for Insured Expenses insured expenses from the related Insurance Proceeds; (v) to reimburse the Servicers Servicer or the Master Servicer for (a) unreimbursed Servicing Advances, the ServicersServicer’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO A-P Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2007-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Assset Sec Trans Inc Mastr Alternative Loan 2002-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds and Group 6 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator Master Servicer the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)[reserved]; (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-10)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers or the Master Servicer, as the case may be (to the extent not previously retained by themthe Servicers or the Master Servicer), the servicing compensation or master compensation, as the case may be, to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2003-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Alt Loan Tr 2003-5)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to CertificateholdersCertificateholders and the Class 1-A-3 Insurer, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time-to-time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds and Group 6 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24in accordance with its instructions; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time-to-time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2003-10)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may shall, from time to time time, make withdrawals from the Collection Account Account, for any of the following purposespurposes or as described in Section 4.02, without priority: (i) to pay remit to the Servicers Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for Advances, but only to the extent not previously retained by themof amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans in accordance with the provisions of Section 4.02; (iii) subject to Section 3.16(d), to pay the servicing compensation Servicer or any Sub‑Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to which they are entitled pursuant each Mortgage Loan, but only to Section 3.19the extent of any Late Collections, and Liquidation Proceeds, Insurance Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan; (iv) to pay to the Master Servicer, earnings Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income with respect to earned on funds deposited in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaserServicer or the Seller, as the case may be, with respect to each Mortgage Loan or property acquired in respect thereof that has previously been purchased or replaced pursuant to Section 2.02 2.08 or 2.03, Section 3.16(c) all amounts received thereon after subsequent to the date of such purchasepurchase or substitution, as the case may be; (vi) to reimburse the Servicer for any Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable Advance in accordance with the provisions of Section 4.02; (vii) to reimburse the Transferor, the Master Servicer or the Depositor Company for expenses or indemnities incurred by any of them and or reimbursable to the Servicer or the Company, as the case may be, pursuant to Section 6.03 hereof6.03; (viii) to withdraw any amount deposited reimburse the NIMS Insurer, the Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.08 of this Agreement that were included in the Collection Account and not required Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be deposited thereinlimited to an annual amount of $25,000; (ix) on to pay, or prior to reimburse the Distribution Account Deposit DateServicer for advances in respect of, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) expenses incurred in connection with any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor Mortgage Loan pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.023.16(b); and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account Account, to the extent held by or on behalf of it, pursuant to such subclauses (i), (ii), (iviii), (v), (vi), (viii) and (vi)ix) above. Prior The Servicer shall provide written notification to the Trustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawal withdrawals from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advancevii) above. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to CertificateholdersTrustee shall, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, make withdrawals from the Distribution Account Account, for any of the following purposes, without priority: (i) to pay make distributions to Certificateholders and for deposit into the Trust Administrator Reserve Fund and the earnings on or investment income, if any, on funds Supplemental Interest Account in or credited to the Distribution Accountaccordance with Section 4.05; (ii) to withdraw and return pay any Extraordinary Trust Fund Expenses; (iii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c); (iv) to reimburse itself pursuant to Section 7.02 or pursuant to Section 7.01 to the Master extent such amounts in Section 7.01 were not reimbursed by the Servicer; (v) to pay any tax imposed on prohibited transactions of any Trust REMIC created hereunder pursuant to Section 860F(a) of the Code, on the net income from foreclosure property of any such REMIC pursuant to Section 860G(c) of the Code, or on any contributions to any such REMIC after the “startup day” therefor pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, unless such tax arises out of or results from a breach by the Trustee or the Servicer of any of their obligations under this Agreement; (vi) to pay any and all expenses relating to any tax audit of the Trust Fund (including, but not limited to, any professional fees or any administrative or judicial proceedings with respect to any other amountTrust REMIC that involve the Internal Revenue Service or state tax authorities) unless such expenses, professional fees or any administrative or judicial proceedings are incurred by reason of the Trustee’s willful misfeasance, bad faith or negligence; (vii) to remit to the Servicer any amount deposited in the Distribution Account and by the Servicer but not required to be deposited therein in accordance with Section 3.07(d3.10(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (ivviii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof9.01; and (ix) to pay itself the Trustee Fees.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2007-He2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and, to the extent that such Non-Recoverable Servicing Advance would constitute an "unanticipated expense" of the Trust Fund within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii), any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall cause to be withdrawn from the Collection Account the Group I Interest Funds (other than the amounts subtracted from such funds in such definition) and the Group I Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), the Group II Interest Funds (other than the amounts subtracted from such funds in such definition), the Group II Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), to the extent on deposit, and such amount shall be deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable AdvanceAccount. (b) The Trust Administrator Servicer or the Paying Agent shall withdraw funds from the Distribution Account for distributions distribution to Certificateholders, the Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold retain pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Servicer may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay withdraw pursuant to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Section 3.05 any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (ivii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Master Servicer (to the extent not previously retained by themretained), the servicing compensation to which they are it is entitled pursuant to Section 3.193.17, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made, it being understood that, in the case of any such reimbursement, the Master Servicer's right thereto shall be prior to the rights of the Trust unless the Master Servicer is also the Seller and the Seller is required to purchase a Mortgage Loan pursuant to Section 2.02, 2.03 or 2.08, in which case the Master Servicer's right to such reimbursement shall be subsequent to the payment to the Trust of the Purchase Price and all other amounts required to be paid to the Trust with respect to such Mortgage Loan; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof REO Property that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.032.08, all amounts received thereon after the date of such purchase; (viivi) to reimburse the Transferor, the Master Servicer or the Depositor Sponsor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof7.03; (viiivii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ixviii) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, the related Trustee Fee and any other amounts due to the Trustee under this Agreement for such Distribution Date, (ii) any PO Recoveries received during to the calendar month prior to that Distribution Date and (iii) extent on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Datedeposit, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof10.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses clauses (i), (ii), (iv), (v) and (viv). Prior to making any withdrawal from the Collection Account pursuant to subclause clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), Loan(s) and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, Certificateholders in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11)Agreement. In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and any other amounts due to the Trustee under this Agreement for the related Distribution Date; (ii) to pay to itself as additional compensation earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof10.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers each Servicer (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19under the related Servicing Agreement, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers Servicer or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.16 hereof (v) to reimburse each Servicer, the NIMS Insurer or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available FundsFunds and Trust Prepayment Charges, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer Servier shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), Loan(s) and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-Ab1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers or the Master Servicer, as the case may be (to the extent not previously retained by themthe Servicers or the Master Servicer), the servicing compensation or master compensation, as the case may be, to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) (Reserved); (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mor Pass THR Cer Ser 2002-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Master Servicer (to the extent not previously retained by themretained), the servicing compensation to which they are it is entitled pursuant to Section 3.193.17, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made, it being understood that, in the case of any such reimbursement, the Master Servicer's right thereto shall be prior to the rights of the Trust unless the Master Servicer is also the Seller and the Seller is required to purchase a Mortgage Loan pursuant to Section 2.02, 2.03 or 2.08, in which case the Master Servicer's right to such reimbursement shall be subsequent to the payment to the Trust of the Purchase Price and all other amounts required to be paid to the Trust with respect to such Mortgage Loan; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof REO Property that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.032.08, all amounts received thereon after the date of such purchase; (viivi) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof7.03; (viiivii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ixviii) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, the related Trustee Fee and any other amounts due to the Trustee under this Agreement for such Distribution Date, (ii) any PO Recoveries received during to the calendar month prior to that Distribution Date and (iii) extent on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Datedeposit, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof10.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses clauses (i), (ii), (iv), (v) and (viv). Prior to making any withdrawal from the Collection Account pursuant to subclause clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), Loan(s) and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, Certificateholders in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11)Agreement. In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and any other amounts due to the Trustee under this Agreement for the related Distribution Date; (ii) to pay to itself as additional compensation earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof10.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Master Servicer (to the extent not previously retained by themretained), the servicing compensation to which they are it is entitled pursuant to Section 3.193.17, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made, it being understood that, in the case of any such reimbursement, the Master Servicer's right thereto shall be prior to the rights of the Trust unless the Master Servicer is also the Seller and the Seller is required to purchase a Mortgage Loan pursuant to Section 2.02, 2.03 or 2.08, in which case the Master Servicer's right to such reimbursement shall be subsequent to the payment to the Trust of the Purchase Price and all other amounts required to be paid to the Trust with respect to such Mortgage Loan; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof REO Property that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.032.08, all amounts received thereon after the date of such purchase; (viivi) to reimburse the Transferor, the Master Servicer or the Depositor Sponsor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof;7.03; 44 51 (viiivii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ixviii) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, the related Trustee Fee and any other amounts due to the Trustee under this Agreement for such Distribution Date, (ii) any PO Recoveries received during to the calendar month prior to that Distribution Date and (iii) extent on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Datedeposit, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof10.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses clauses (i), (ii), (iv), (v) and (viv). Prior to making any withdrawal from the Collection Account pursuant to subclause clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), Loan(s) and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, Certificateholders in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11)Agreement. In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and any other amounts due to the Trustee under this Agreement for the related Distribution Date; (ii) to pay to itself as additional compensation earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof10.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) Charges received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Trust Administrator for deposit into the Distribution Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on and to WMMSC any WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages 2005-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Master Servicer and the Servicers (to the extent not previously retained or withdrawn by them), the servicing compensation to which they are entitled pursuant to Section 3.19entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount pursuant to Section 3.19; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses insured expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO A-P Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2007-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Servicer Remittance Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on any amounts payable or after reimbursable to the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution DateTrustee under Section 3.10(b)(iii), and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-5)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal cause to be withdrawn from the Collection Account pursuant to the Group I Interest Funds (other than the amounts subtracted from such subclauses funds in such definition) and the Group I Principal Funds (i), (ii), (iv), other than Non-Recoverable Advances specified in item (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iiiof such definition), the Master Servicer shall deliver Group II Interest Funds (other than the amounts subtracted from such funds in such definition), the Group II Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s)extent on deposit, and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator amount shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount be deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereofAccount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds and Group 4 Available Funds for such Distribution Date, Date (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mort Asset Sec Trans Mort Ps THR Certs Ser 2003-3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds and Group 7 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24in accordance with its instructions; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator Master Servicer the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Underlying Trustee, with respect to any amount related to the Underlying Certificates, and the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-6)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to pay to WAMU the WAMU Investment Earnings Amount; (iv) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivvi) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2002 5)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Master Servicer and the Servicer (to the extent not previously retained or withdrawn by them), the servicing compensation to which they are entitled pursuant to Section 3.19entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount plus a monthly fee of 0.0115% per annum pursuant to Section 3.19; (ii) to reimburse each of the Servicers Servicer or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers Servicer or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers Servicer or the Master Servicer for Insured Expenses insured expenses from the related Insurance Proceeds; (v) to reimburse the Servicers Servicer or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ Servicer’s or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iiiii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-S1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation compensation, to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d);therein; and (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Transactions Inc Mastr Alt Ln Tr 2002 1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them)the Servicer, to pay to the Servicer the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount as additional servicing compensation; (ii) to the extent not previously retained by the Servicer, to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.2, 2.3 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 6.3 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, Amount and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.1 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(sLoan(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, Certificateholders in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11)Agreement. In addition, the Trust Administrator Trustee may prior to making the distribution pursuant to Section 4.1 from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and reimburse itself for reasonable expenses for the related Distribution Date (allocated pro rata by Group, if applicable); (ii) to the extent not previously retained by the Servicer, to pay to the Servicer the servicing compensation to which it is entitled pursuant to Section 3.14; (iii) to pay to the Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiv) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein therein, including any amounts owed to the Servicer as part of the Servicing Fee in accordance with Section 3.07(d)the terms hereunder; (iiiv) on each Distribution Date to withdraw pay to the Class L-IO Certificate any indemnity, expense or other reimbursement owed to it, interest accrued thereon for the Master Servicer or related Interest Accrual Period at the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05Class L-IO Rate; and (ivvi) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.1 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Sast 2007-3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Servicer Remittance Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Incmastr Asset Sec Tr 2003 7)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Transactions Inc Mastr Asset Sec Tr 03 2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the TransferorServicer, the Master Servicer NIMs Insurer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall cause to be withdrawn from the Collection Account, the Interest Funds (other than the amounts subtracted from such funds in such definition) and the Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), to the extent on deposit, and such amount shall be deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable AdvanceAccount. (b) [RESERVED]. (c) The Trust Administrator Servicer shall withdraw funds from the Distribution Account for distributions distribution to Certificateholders, the Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold retain pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Servicer may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Servicer, as additional compensation, earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return pursuant to the Master Servicer, with respect to any other amount, Section 3.05 any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iviii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Servicer Remittance Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds, Group 8 Available Funds and Group 9 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-6)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the applicable subaccount of the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them)the Servicer, to pay to the Servicer the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount as additional servicing compensation; (ii) to the extent not previously retained by the Servicer, to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit in respect of the related Loan Group, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was mademade or prepayments received on other Mortgage Loans; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously mademade in respect of the related Loan Group; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance ProceedsProceeds in respect of the related Loan Group; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing AdvancesAdvances in respect of the related Loan Group, the Servicers’ or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 3.1 or Section 3.06 3.6 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan in the related Loan Group or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.2, 2.3 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the TransferorSeller, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 6.3 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Remittance Date, to (a) withdraw (i) an amount equal to the related sum of the Available Funds, the Master Servicing Fee and the Custodial Fee for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.1 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis and on a Loan Group by Loan Group basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the applicable subaccount of the Distribution Account for distributions to Certificateholders, the related Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may prior to making the distribution pursuant to Section 4.2 from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee and the Custodial Fee for the related Distribution Date; (ii) to pay to the Master Servicer the remaining Master Servicing Fee for the related Distribution Date, after deduction of the Trustee Fee; (iii) to pay to itself earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiv) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.1 hereof. On each Distribution Date, the Trustee shall pay the amounts set forth in clauses (i), (ii) and (iii) above and shall return the amounts specified in clause (iv) above prior to making the distributions to Certificateholders as set forth in Section 4.2.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (First Horizon Asset Securities Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds and Group 6 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24in accordance with its instructions; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mort Pass THR Certs Ser 2003-12)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers or the Master Servicer, as the case may be (to the extent not previously retained by themthe Servicers or the Master Servicer), the servicing compensation or master compensation, as the case may be, to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds and Group 4 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Adj Rate Mort Tr 2002 3)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained by them), the Servicer) the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, as additional servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the TransferorOriginator, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, Funds and the Trustee Fee for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee for the related Distribution Date; (ii) to pay to the Servicer as additional servicing compensation earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Pass THR Certs Ser 1998-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained by them), the Servicer) the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, as additional servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the TransferorOriginator, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, Funds and the Trustee Fee for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to itself the Trust Administrator Trustee Fee for the related Distribution Date; (ii) to pay to itself, as additional compensation, earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corp Iv Series 2000-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, Date (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Ser 2003 4)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator Master Servicer the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Underlying Trustee, with respect to any amount related to the Underlying Certificates, and the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-9)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Seasoned Securitization Trust 2003-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreement, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (aA) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (aA) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (bB) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds and Group 2 Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date related Prepayment Period and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC the WMMSC Investment Earnings Amount, if any , with respect to funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Asset Sec Tr 2004-5)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause sub-clause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (aA) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds and Group 6 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (bB) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24in accordance with its instructions; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses sub-clauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause sub-clause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgage Trust 2003-2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of “Master Servicing Compensation”; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Funds and Group 2 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on with respect to funds in or credited to the Distribution AccountAccount other than the WMMSC Monthly Remittance Amount; (ii) to pay to WMMSC the WMMSC Investment Earnings Amount, if any; (iii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-8)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.02, 2.03 or 2.033.12, all amounts received thereon after and not taken into account in determining the date related Stated Principal Balance of such purchaserepurchased Mortgage Loan; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them in connection with the Mortgage Loans or Certificates and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw pursuant to Section 3.05 any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xiix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. In addition, no later than 12:00 noon Pacific Standard Time on the Servicer Remittance Date (or such earlier time on the Servicer Remittance Date as the Servicer or the Paying Agent requires as specified in writing not later than two Business Days prior to the Servicer Remittance Date, such earlier time requirement being due to the operations of the Servicer's or Paying Agent's designated Permitted Investment closing early on the Servicer Remittance Date), the Servicer shall cause to be withdrawn from the Collection Account, the Interest Funds (other than the amounts subtracted from such funds in such definition) and the Principal Funds (other than Non-Recoverable Advances specified in item (v) of such definition), to the extent on deposit, and such amount shall be deposited in the Distribution Account. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable AdvanceAccount. (b) [RESERVED]. (c) The Trust Administrator Servicer shall withdraw funds from the Distribution Account for distributions distribution to Certificateholders, the Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold retain pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Servicer may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Servicer, as additional compensation, earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (ii) to withdraw and return pursuant to the Master Servicer, with respect to any other amount, Section 3.05 any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05therein; and (iviii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds and Group 5 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Asset Securitization Trust 2004-11)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount and the fee referred to in clause (b) of the definition of "Master Servicing Compensation"; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds and Group 7 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to pay to WAMU Securities the WAMU Securities Investment Earnings Amount; (iv) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivvi) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-6)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them)the Servicer, to pay to the Servicer the servicing compensation to which they are it is entitled pursuant to Section 3.193.14, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount as additional servicing compensation; (ii) to the extent not previously retained by the Servicer, to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances and Servicing Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance or Servicing Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 3.11 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 2.2, 2.3 or 2.033.11, all amounts received thereon after the date of such purchase; (vii) to reimburse the TransferorServicer, the Master Servicer Seller or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 6.3 hereof; (viii) to pay to the Trustee any accrued compensation to which it is entitled hereunder (and any amount to which it is entitled to reimbursement herewith); (ix) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ixx) on or prior to the Distribution Account Deposit each Servicer Remittance Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Total Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, Amount and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.1 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee and the NIMS Insurer, if any, an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(sLoan(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers or the Master Servicer, as the case may be (to the extent not previously retained by themthe Servicers or the Master Servicer), the servicing compensation or master compensation, as the case may be, to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02Account; and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) (Reserved); (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mort Asset Sec Trans Inc E Trade Bank Mort Bak Sec Tr 2001 2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may shall, from time to time time, make withdrawals from the Collection Account Account, for any of the following purposespurposes or as described in Section 4.02, without priority: (i) to pay remit to the Servicers Trustee for deposit in the Distribution Account the amounts required to be so remitted pursuant to Section 3.10(b) or permitted to be so remitted pursuant to the first sentence of Section 3.10(d); (ii) subject to Section 3.16(d), to reimburse the Servicer for Advances, but only to the extent not previously retained by themof amounts received which represent Late Collections (net of the related Servicing Fees) of Monthly Payments on the related Mortgage Loans in accordance with the provisions of Section 4.02; (iii) subject to Section 3.16(d), to pay the servicing compensation Servicer or any Sub‑Servicer (a) any unpaid Servicing Fees or (b) any unreimbursed Servicing Advances with respect to which they are entitled pursuant each Mortgage Loan, but only to Section 3.19the extent of any Late Collections, and Liquidation Proceeds, Insurance Proceeds, Gross Subsequent Recoveries or other amounts as may be collected by the Servicer from a Mortgagor, or otherwise received with respect to such Mortgage Loan; (iv) to pay to the Master Servicer, earnings Servicer as servicing compensation (in addition to the Servicing Fee) on the Servicer Remittance Date any interest or investment income with respect to earned on funds deposited in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaserServicer or the Seller, as the case may be, with respect to each Mortgage Loan or property acquired in respect thereof that has previously been purchased or replaced pursuant to Section 2.02 2.08 or 2.03, Section 3.16(c) all amounts received thereon after subsequent to the date of such purchasepurchase or substitution, as the case may be; (vi) to reimburse the Servicer for any Advance or Servicing Advance previously made which the Servicer has determined to be a Nonrecoverable Advance in accordance with the provisions of Section 4.02; (vii) to reimburse the Transferor, the Master Servicer or the Depositor Company for expenses or indemnities incurred by any of them and or reimbursable to the Servicer or the Company, as the case may be, pursuant to Section 6.03 hereof6.03; (viii) to withdraw any amount deposited reimburse the NIMS Insurer, the Servicer or the Trustee, as the case may be, for enforcement expenses reasonably incurred in respect of the breach or defect giving rise to the purchase obligation under Section 2.08 of this Agreement that were included in the Collection Account and not required Repurchase Price of the Mortgage Loan, including any expenses arising out of the enforcement of the purchase obligation; provided, however, that the reimbursement to the NIMS Insurer pursuant to this clause shall be deposited thereinlimited to an annual amount of $25,000; (ix) on to pay, or prior to reimburse the Distribution Account Deposit DateServicer for advances in respect of, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) expenses incurred in connection with any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor Mortgage Loan pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.023.16(b); and (xix) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof9.01. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by an individual Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account Account, to the extent held by or on behalf of it, pursuant to such subclauses (i), (ii), (iviii), (v), (vi), (viii) and (vi)ix) above. Prior The Servicer shall provide written notification to the Trustee and the NIMS Insurer, on or prior to the next succeeding Servicer Remittance Date, upon making any withdrawal withdrawals from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advancevii) above. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to CertificateholdersTrustee shall, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, make withdrawals from the Distribution Account Account, for any of the following purposes, without priority: (i) to pay make distributions to Certificateholders and for deposit into the Reserve Fund, and the Supplemental Interest Account and the Final Maturity Reserve Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Accountaccordance with Section 4.05; (ii) to withdraw and return pay any Extraordinary Trust Fund Expenses; (iii) to pay to itself any interest income earned on funds deposited in the Distribution Account pursuant to Section 3.12(c); (iv) to reimburse itself pursuant to Section 7.02 or pursuant to Section 7.01 to the Master extent such amounts in Section 7.01 were not reimbursed by the Servicer; (v) to pay any tax imposed on prohibited transactions of any Trust REMIC created hereunder pursuant to Section 860F(a) of the Code, on the net income from foreclosure property of any such REMIC pursuant to Section 860G(c) of the Code, or on any contributions to any such REMIC after the “startup day” therefor pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, unless such tax arises out of or results from a breach by the Trustee or the Servicer of any of their obligations under this Agreement; (vi) to pay any and all expenses relating to any tax audit of the Trust Fund (including, but not limited to, any professional fees or any administrative or judicial proceedings with respect to any other amountTrust REMIC that involve the Internal Revenue Service or state tax authorities) unless such expenses, professional fees or any administrative or judicial proceedings are incurred by reason of the Trustee’s willful misfeasance, bad faith or negligence; (vii) to remit to the Servicer any amount deposited in the Distribution Account and by the Servicer but not required to be deposited therein in accordance with Section 3.07(d3.10(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (ivviii) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof9.01; and (ix) to pay itself the Trustee Fees.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Washington Mutual Asset-Backed Certificates, WMABS Series 2006-He2)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers or the Master Servicer, as the case may be (to the extent not previously retained by themthe Servicers or the Master Servicer), the servicing compensation or master compensation, as the case may be, to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, as additional master servicing compensation, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds and Group 3 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts amount to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24Account; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable reimburseable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) [Reserved]; (ii) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on income with respect to funds in or credited to the Distribution Account; (iiiii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d)therein; (iiiiv) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (ivv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-4)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds and Group 4 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account Account, and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator Master Servicer the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2004-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Master Servicer and the Servicers (to the extent not previously retained or withdrawn by them), the servicing compensation to which they are entitled pursuant to Section 3.19entitled, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection AccountAccount pursuant to Section 3.19; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses insured expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to reimburse the Trustee for any costs and expenses incurred by it pursuant to Section 2.03; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time time, prior to distributions to Certificateholders, make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof. (c) The Supplemental Interest Trust Trustee shall withdraw funds from the Cap Account for distribution to the Class 1-A-1 Certificates in the manner specified in Section 4.07 (and shall withhold from the amounts so withdrawn the amount of any taxes that it is authorized to retain pursuant to the last paragraph of Section 9.11). In addition, the Supplemental Interest Trust Trustee may from time to time make withdrawals from the Cap Account for the following purposes: (i) to withdraw any amount deposited in the Cap Account and not required to be deposited therein; and (ii) to clear and terminate the Cap Account upon the earlier of (A) the Cap Agreement Termination Date and (B) the termination of this Agreement pursuant to Section 10.01.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2007-1)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19the applicable Servicing Agreements, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers' or the Master Servicer’s 's right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 4.01 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds and Group 7 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date related Prepayment Period and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Daterelated Prepayment Period, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s 's Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on and to WMMSC the WMMSC Investment Earnings Amount, if any, with respect to funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer it or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-5)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds and Group 8 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator Trustee for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24in accordance with its instructions; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; (xi) to pay to the Transferor any amounts required to be paid to the Transferor pursuant to Section 3.24; and (xixii) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 9.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator Trustee an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator Trustee shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.118.11). In addition, the Trust Administrator Trustee may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the Master Servicer earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, Servicer any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee it pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 7.02 and Section 9.058.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 9.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mort Asset Sec Trans Mort Pass Through Certs Ser 2003-9)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer (or the Depositor in the case of clauses (vi) and (vii) below) may from time to time time, make withdrawals from the related Collection Account for the following purposes: (i) to pay to the Servicers Servicer (to the extent not previously retained paid to or withheld by themthe Servicer), the as servicing compensation to which they are entitled pursuant to in accordance with Section 3.193.15, and to pay to that portion of any payment of interest that equals the Master Servicer, earnings on or investment income Servicing Fee for the period with respect to funds which such interest payment was made, and, as additional servicing compensation, those other amounts set forth in or credited to the Collection AccountSection 3.15; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by itit with respect to the Mortgage Loans, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the particular Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds) that represent late recoveries of payments of principal and/or interest on such particular Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Non-Recoverable Advance previously mademade and any Non-Recoverable Servicing Advance; (iv) to reimburse the Servicers or the Master Servicer from Insurance Proceeds for Insured Expenses from covered by the related Insurance ProceedsPolicy; (v) pay the Servicer any unpaid Servicing Fees and to reimburse the Servicers or the Master Servicer it for (a) any unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s 's right to reimbursement of Servicing Advances pursuant to this clause subclause (av) with respect to any Mortgage Loan being limited to amounts received on such particular Mortgage Loan(sLoan(s)(including, for this purpose, Liquidation Proceeds and purchase and repurchase proceeds) which that represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof3.06; (vi) to pay to the purchaserDepositor or the Servicer, as applicable, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Available Funds, for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution Account; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.to

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Chase Funding Inc)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds and Group 6 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-12)

Permitted Withdrawals from the Collection Account and Distribution Account. (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes: (i) to pay to the Servicers (to the extent not previously retained by them), the servicing compensation to which they are entitled pursuant to Section 3.19, and to pay to the Master Servicer, earnings on or investment income with respect to funds in or credited to the Collection Account; (ii) to reimburse each of the Servicers or the Master Servicer for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (ii) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (iii) to reimburse the Servicers or the Master Servicer for any Nonrecoverable Advance previously made; (iv) to reimburse the Servicers or the Master Servicer for Insured Expenses from the related Insurance Proceeds; (v) to reimburse the Servicers or the Master Servicer for (a) unreimbursed Servicing Advances, the Servicers’ or the Master Servicer’s right to reimbursement pursuant to this clause (a) with respect to any Mortgage Loan being limited to amounts received on such Mortgage Loan(s) which represent late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.06 and (b) for unpaid Servicing Fees as provided in Section 3.15 hereof; (vi) to pay to the purchaser, with respect to each Mortgage Loan or property acquired in respect thereof that has been purchased pursuant to Section 2.02 or 2.03, all amounts received thereon after the date of such purchase; (vii) to reimburse the Transferor, the Master Servicer or the Depositor for expenses or indemnities incurred by any of them and reimbursable pursuant to Section 6.03 hereof; (viii) to withdraw any amount deposited in the Collection Account and not required to be deposited therein; (ix) on or prior to the Distribution Account Deposit Date, to (a) withdraw (i) an amount equal to the related Group 1 Available Funds, Group 2 Available Funds, Group 3 Available Funds, Group 4 Available Funds, Group 5 Available Funds, Group 6 Available Funds, Group 7 Available Funds, Group 8 Available Funds, Group 9 Available Funds, Group 10 Available Funds, Group 11 Available Funds and Group 12 Available Funds for such Distribution Date, (ii) any PO Recoveries received during the calendar month prior to that Distribution Date and (iii) on or after the Cross-Over Date only, any Recoveries received during the calendar month prior to that Distribution Date, and remit by wire transfer of immediately available funds such amounts to the Trust Administrator for deposit in the Distribution Account and (b) withdraw any prepayment penalties (other than any Class P Prepayment Charges) received from any Servicer and remit by wire transfer of immediately available funds such amounts to the Transferor pursuant to Section 3.24; (x) to reimburse the Master Servicer for any costs or expenses incurred by it and reimbursable pursuant to Section 3.02; and (xi) to clear and terminate the Collection Account upon termination of this Agreement pursuant to Section 10.01 hereof. The Master Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Collection Account pursuant to such subclauses (i), (ii), (iv), (v) and (vi). Prior to making any withdrawal from the Collection Account pursuant to subclause (iii), the Master Servicer shall deliver to the Trust Administrator an Officer’s Certificate of a Master Servicing Officer indicating the amount of any previous Advance determined by the Master Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Trust Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders, in the manner specified in this Agreement (and withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to the last paragraph of Section 9.11). In addition, the Trust Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Trust Administrator the earnings on or investment income, if any, on funds in or credited to the Distribution AccountAccount except such amounts constituting the WMMSC Investment Earnings Amount, if any, and to WMMSC, the WMMSC Investment Earnings Amount, if any; (ii) to withdraw and return to the Master Servicer, with respect to any other amount, any amount deposited in the Distribution Account and not required to be deposited therein in accordance with Section 3.07(d); (iii) to withdraw any indemnity, expense or other reimbursement owed to it, the Master Servicer or the Trustee pursuant to this Agreement, including, without limitation, Section 3.05, Section 7.02, Section 8.05 and Section 9.05; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 10.01 hereof.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-13)