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

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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for distributions to Certificateholders in the manner specified in this Agreement (and to withhold from the amounts so withdrawn, the amount of any taxes that it is authorized to withhold pursuant to Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds"; (ii) to pay to the Securities Administrator the investment earnings on the Distribution Account as its compensation for the related Distribution Date; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 5 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds" and in the sixth bullet of clause (1) of the definition of "Available Distribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Associ▇▇▇▇▇ is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (MSM 2005-5ar), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-9ar), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-6ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds"; (ii) (x) for so long as Wells Fargo Bank, National Associ▇▇▇▇▇ is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2004-11ar), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-4), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-1)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's ’s Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds"; (ii) (x) for so long as ▇▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's ’s Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders and payments to the Certificate Insurer 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in the sixth bullet of clause (d1) of the definition of "Available Funds"Distribution Amount”; (ii) (x) for so long as ▇▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available FundsDistribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servicer ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-9ar), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-2ax)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available FundsDistribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servi▇▇▇ ▇nd the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-3xs), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-16ax)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available FundsDistribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Service▇ ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-6xs), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-13arx)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds"; (ii) (x) for so long as Wells Fargo Bank, National Associ▇▇▇▇▇ is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-7), Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-10)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's ’s Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders and payments to the Certificate Insurer 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in the sixth bullet of clause (d1) of the definition of "Available Funds"Distribution Amount”; (ii) (x) for so long as W▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes:: 100 (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds" and in the sixth bullet of clause (e) of the definition of "Available Distribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servicer ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-8ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in the sixth bullet of clause (de) of the definition of "Available FundsDistribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servic▇▇ ▇▇d the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-12xs)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's ’s Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds"Distribution Amount”; (ii) (x) for so long as ▇▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds"; (ii) (x) for so long as ▇▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-3ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds"; (ii) (x) for so long as ▇▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-2)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders and payments to the Certificate Insurer 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in the sixth bullet of clause (d1) of the definition of "Available FundsDistribution Amount"; (ii) (x) for so long as ▇▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-15xs)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Service▇ ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servicer ▇▇▇ ▇he Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial the Certificate Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay to the Master Servicer the Master Servicing Fee for such Distribution Date and to pay all costs and expenses described in clause (de) of the definition of "Available Funds"; (ii) to pay to the Securities Administrator Master Servicer as additional master servicing compensation the investment earnings on the Distribution Account as its compensation for the related Distribution Date; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2004-2ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's ’s Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds"Distribution Amount”; (ii) (x) for so long as W▇▇▇▇ Fargo Bank, National Association is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds" and in the sixth bullet of clause (e) of the definition of "Available Distribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servicer ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-6ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds"; (ii) (x) for so long as [Wells Fargo Bank, National Association] is the Master Servicer ▇▇▇ ▇he Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds"; (ii) (x) for so long as Wells Fargo Bank, National ▇▇▇▇ciation is the Master Servicer and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution Date; Date and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-11ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds" and in the sixth bullet of clause (e) of the definition of "Available Distribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Serv▇▇▇▇ and the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-7)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available FundsDistribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servic▇▇ ▇▇d the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Servicer ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial the Certificate Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds"; (ii) to pay to the Securities Administrator the investment earnings on the Distribution Account as its compensation for the related Distribution Date; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2004-5ar)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes:: 101 (i) to pay all costs and expenses described in clause (d) of the definition of "Available Funds" and in the sixth bullet of clause (e) of the definition of "Available Distribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Service▇ ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-11)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial the Certificate Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in clause (de) of the definition of "Available Funds" and in the sixth bullet of clause (i) of the definition of "Available Distribution Amount"; (ii) to pay to the Securities Administrator the investment earnings on the Distribution Account as its compensation for the related Distribution Date; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)

Permitted Withdrawals from the Custodial Accounts and the Distribution Account. (a) Each Servicer may from time to time make withdrawals from its Custodial Account for the following purposes: (i) to reimburse itself for unreimbursed Advances made by it, such right of reimbursement pursuant to this subclause (i) being limited to amounts received on the Mortgage Loan(s) in respect of which any such Advance was made; (ii) to reimburse itself for any Nonrecoverable Advance previously made by it; (iii) to reimburse itself for unreimbursed Servicer Advances, each 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 the related Purchase and Servicing Agreement; (iv) to reimburse itself for expenses incurred by it and reimbursable pursuant to the related Purchase and Servicing Agreement; and (v) to withdraw any amount deposited in the Custodial Account and not required to be deposited therein. To the extent required by the related Purchase and Servicing Agreement each Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from its Custodial Account pursuant to such subclauses (i), (ii), (iii), (iv) and (v). Prior to making any withdrawal from its Custodial Account pursuant to subclause (ii), the related Servicer shall deliver to the Master Servicer an Officer's Certificate of a Servicing Officer indicating the amount of any previous Advance determined by the Servicer to be a Nonrecoverable Advance and identifying the related Mortgage Loans(s), and their respective portions of such Nonrecoverable Advance. (b) The Securities Administrator shall withdraw funds from the Distribution Account for distributions to Certificateholders and payments to the Certificate Insurer 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 Section 10.01). In addition, the Securities Administrator may from time to time make withdrawals from the Distribution Account for the following purposes: (i) to pay all costs and expenses described in the sixth bullet of clause (d1) of the definition of "Available FundsDistribution Amount"; (ii) (x) for so long as Wells Fargo Bank, National Association is the Master Service▇ ▇▇▇ the Securities Administrator, to pay to the Securities Administrator Master Servicer the investment earnings on the Distribution Account as its compensation for the related Distribution DateDate and (y) thereafter, concurrently, to the Master Servicer and the Securities Administrator, the Master Servicer Compensation and the Securities Administrator Compensation, respectively; (iii) to withdraw and return to the Master Servicer any amount deposited in the Distribution Account and not required to be deposited therein; and (iv) to clear and terminate the Distribution Account upon termination of the Agreement pursuant to Section 7.01 hereof. (v) [Reserved].

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs)