Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date. (b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings. (c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred. (i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes: (A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date; (B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances; (C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account; (D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and (E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof. (ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time. (iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date. (iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-4), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust [2006-__] Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Chec Funding LLC), Pooling and Servicing Agreement (Chec Funding LLC)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates Notes and the Certificate Note Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on within one Business Day following the Startup DayClosing Date, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesNotes. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeAccount. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 4.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Indenture Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a4.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX V hereof.
(ii) On the Determination Date of each month, commencing in April 1998 the Servicer shall send to the Indenture Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 4.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Note Insurer and the Indenture Trustee from time to time.
(iii) On each Remittance Date, commencing in April 1998 the Servicer shall remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Note Account, the Group I Interest Remittance Amount for such Remittance Date and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 2 contracts
Sources: Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-1f), Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-1a)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: _________________________, as Trustee on behalf of MBIA Insurance Corporation and the Owners of the Centex Home Equity Loan Trust A Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. 100 Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for the CertificatesAdjustable Rate Group and any Trust assets allocable to such Adjustable Rate Group and the other for the Fixed Rate Group and any Trust assets allocable to such Fixed Rate Group. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) and (III) any unreimbursed Realized Losses, (ii) principal received and interest due on the Home Equity Loans prior to the Cut-Off Date, the related Subsequent Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;Servicer; 101
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) and for any excess interest collected from a Mortgagor;
(E) Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.IX;
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09 and to make the allocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Chec Asset Receivables Corp), Pooling and Servicing Agreement (Chec Asset Receivables Corp)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the name "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "[________________], as Indenture Trustee in trust for the registered holders of Renaissance Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Trust for Ownership Interest, as their interests may appear, Series 200[_]-[__] Principal and Interest Account." If the benefit of the Owners of the Certificates and the Certificate Insurer and maintain institution at one or more Designated Depository Institutions any time holding the Principal and Interest AccountAccount ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. The funds held in If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held and invested as set forth in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earningsSection 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan sum of (a) the Principal Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (b) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.IX;
(iii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountIndenture Trustee, the Group I Interest Remittance Amount Depositor and the Group I Principal Remittance Amount for such Remittance Date.
Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to inform the Indenture Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Insurer on each Monthly Remittance Date, andwith respect to each Home Equity Group, if of the Trustee amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Oversight Agent are not Principal Balance of the same Person, Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailIndenture Trustee the information described in Section 3.03(d)(i)(b) of and in Section 5.03 to enable the amount of such depositIndenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 2 contracts
Sources: Sale and Servicing Agreement (Renaissance Mortgage Acceptance Corp), Sale and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on within one Business Day following the Startup Day, the Seller Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest AccountAccount held by the Trustee, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, commencing in October 1996 the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report Report, in the form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report tape shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in October 1996 the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, (x) for Group I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (y) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositAmount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-3)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Norwest Bank Minnesota, National Association, as Trustee on behalf of MBIA Insurance Corporation and the Owners of the Centex Home Equity Loan Trust 1998-1 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for the CertificatesAdjustable Rate Group and any Trust assets allocable to such Adjustable Rate Group and the other for the Fixed Rate Group and any Trust assets allocable to such Fixed Rate Group. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) and (III) any unreimbursed Realized Losses, (ii) principal received and interest due on the Home Equity Loans prior to the Cut-Off Date, the related Subsequent Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Dateextent such Servicing Fees are unpaid;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) and for any excess interest collected from a Mortgagor;
(E) Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.IX;
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09 and to make the allocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2003-B Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2003-B)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish and maintain at one or more Designated Depository Institutions in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Insurer, as their interests may appear, a Principal and Interest Account. The funds held in establishment of the Principal and Interest Account shall not be commingled with any other fundsevidenced by the Master Servicer's delivery of a notice in the form of Exhibit C hereto, properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans into in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Section 8.08(e), the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest collections accrued on the Mortgage Loans received or after the Initial Cut-Off Date, related Subsequent Cut-Off Date or Replacement Cut-Off Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage LoansMaster Servicer, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the such Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date (iii) interest due accruing on the related Mortgage Loans on or prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of the Loan Balance of the related Mortgage Loan plus any and accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredthereon.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000-1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates Notes and the Certificate Note Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on within one Business Day following the Startup DayClosing Date, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesNotes. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Indenture Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 4.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Indenture Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a4.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX V hereof.
(ii) On the Determination Date of each month, commencing in _______199_ the Servicer shall send to the Indenture Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 4.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Note Insurer and the Indenture Trustee from time to time.
(iii) On each Remittance Date, commencing in _______ 1997 the Servicer shall remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Note Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateAmount.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (First Alliance Mortgage Co /De/)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer Insurer, as their interests may appear, and maintain at one or more Designated Depository Institutions the a Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans into in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest collections accrued on the Mortgage Loans received on or after the Initial Cut-Off Date, Date or related Subsequent Cut-Off Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the such Mortgage Loans, other recoveries or amounts related to the such Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the such Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each such Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of the Loan Balance of the related Mortgage Loan plus any and accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredthereon.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A1) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent Master Servicer the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent Master Servicer are not the same Person, shall provide the Oversight Agent Master Servicer with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-4)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1997-2 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-2)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at maintained one or more Designated Depository Institutions the Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled "CapitalSource Finance LLC, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2002-2 Class A, Class B, Class C, Class D and Class E Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The funds held creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall deposit without duplication (within two (2) Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the first day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account shall not be commingled pursuant to Sections 5.10 or 7.03; and
(viii) the amount of any gains and interest incurred in connection with any other funds. Subject to Subsection investments in Permitted Investments.
(c) below, the The Servicer shall deposit all receipts related have no obligation to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Dateany Retained Interest or Released Amounts.
(bd) Not later than the close of business on each Determination Date immediately preceding a Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding subsection 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any investment Scheduled Payment in respect of funds which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Account Accounts shall mature or be withdrawable at par on or prior exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the immediately succeeding Remittance Date. All funds Servicing Fee, together with the Liquidation Expenses, may not be deposited by the Servicer in the Principal and Interest Account may only Account.
(g) So long as no Servicer Default shall have occurred and be held (i) uninvestedcontinuing, up to and consistent with any requirements of the limits insured by Code, the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account as an interest-bearing account meeting the requirements set forth in subsection 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a stated maturity (giving effect to any applicable grace period) no later than the fourth (4th) Business Day immediately preceding the Remittance Date next following the Due Period in which the date of investment occurs; provided, however, that Permitted Investments shall not include any interest-only security, any security purchased at a price in excess of 100% of par or any security whose repayment is subject to substantial non-credit related risk as determined by the Servicer. All Permitted Investments must be held in trust by or registered in the name of the Trust and "CapitalSource, as Servicer, in trust for the benefit Hedge Counterparties and the registered holders of the Owners of the Certificates. CapitalSource Commercial Loan Trust Notes, Series 2002-2." Any investment earnings Investment Interest Earnings on funds held in the Principal and Interest Account shall be for the account deemed part of the Servicer Interest Collection Account and may only shall be withdrawn from the Principal deposited therein pursuant to Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Remittance Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in Permitted Investments shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer its own funds immediately as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredrealized without reimbursement therefor.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in maintained the Principal and Interest Account shall not be commingled with any including two subaccounts, one designated as the Interest Collection Account and the other funds. Subject to Subsection (c) below, designated as the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal Collection Account titled “Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) belowfor NewStar Financial, on the Startup DayInc., the Seller and/or the its successors and assigns as Servicer shall deposit into the Principal and Interest Account all receipts related for NewStar Commercial Loan Trust 2006-1 subject to the related Mortgage Loans received after lien of U.S. Bank National Association, its successors and assigns, as Trustee on behalf of the Cutregistered holders of NewStar Commercial Loan Trust 2006-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments1 Notes”. The Principal and Interest Account shall be held in trust one or more Eligible Deposit Accounts with a Qualified Institution in the name form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments. All funds in such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the Trust FDIC to the maximum extent provided by law. The Servicer may, upon written notice to the Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the Closing Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any Related Property or to be released to the Obligor, other creditors or any other Person in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account pursuant to Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall have no obligation to deposit into the Principal and Interest Account any Excluded Amounts.
(d) Not later than the close of business on each Reference Date immediately preceding a Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (ii) the benefit Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the Owners of foregoing, payments with respect to the Certificates. Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(g) Any investment earnings Investment Earnings on funds held in the Principal and Interest Account shall be for the account deemed part of the Servicer Interest Collection Account and may only shall be withdrawn from the Principal deposited therein pursuant to this Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Distribution Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from in Permitted Investments directed by the Trustee. Any references herein to amounts on deposit Servicer shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earningsby the Servicer from its own funds immediately as realized without reimbursement therefor.
(ch) The Servicer shall deposit may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Trustee or, if different, the depository institution then holding the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off DateAccount, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(Ai) to effect the timely remittance remit to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than such amounts which are deemed herein not to be Principal Collections at such time);
(Bii) subject to Section 5.02(o), to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency any unreimbursed Scheduled Payment Advances and Servicing Advances;
(C) , together with accrued and unpaid interest due thereon, to withdraw investment earnings on amounts on deposit the extent deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loans or from other proceeds received with respect to such Obligor or the Related Properly);
(Diii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(vi) prior to the replacement of the Servicer following a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.1 l(b) of this Agreement;
(vii) to acquire Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 2.04(a)(i)(2); and
(Eviii) to clear and terminate the Principal and Interest Account following upon the termination of the Trust Estate pursuant to Article IX hereofthis Agreement.
(iii) On If the Determination Date of each monthdepository institution then holding the Reserve Fund is not the Trustee, the Servicer shall, or shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (orcause such depository institution to, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transferno later than the Business Day immediately preceding a Distribution Date, or otherwise make funds available in immediately available funds for deposit to in the Certificate Note Distribution Account, all funds on deposit in the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateReserve Fund.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Master Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other fundsas a segregated account. Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts collections (other than amounts escrowed for taxes and insurance) related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On or before the Startup Day, the Seller and/or the Master Servicer shall deposit into to the Principal and Interest Account (i) all receipts related to scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the related Mortgage Loans received after the Cut-Off DateDate and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) Any investment of All funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsInvestments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittances by the Master Servicer. Any investment earnings for losses shall be paid by the previous calendar month. The Master Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into to the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earningsearnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on payments from the Mortgage Loans related Mortgagors received after by the Cut-Off Date, Master Servicer (including any Prepayments and Prepayments), Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Interest, Delinquency Advances together with any amounts which are reimbursable to the Master Servicer from the Principal and Interest Account Account, the amount of any Loan Purchase Price received or paid by the Master Servicer, the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 10.13(c) hereof, and amounts required to be deposited therein pursuant to Section 10.11 hereof in connection with blanket insurance policies and any proceeds received by the Master Servicer in connection with the termination of the Trust, but net of (i) the Master Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 10.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan sum of (I) the Principal Balance of the related Mortgage Loan Loan, plus any (II) accrued and unpaid interest thereon through on such Mortgage Loan at the Coupon Rate applicable to the related Remittance Period (net of the Master Servicing Fee) and (iii) prepayment charges and similar amounts to be paid over to the Depositor pursuant to Section 10.2 hereof. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence shall be retained by the Master Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I related Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;; 84
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for amounts which represent Reimbursable Advances made by the Master Servicer from its own funds and subsequently collected from the related Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following in connection with the termination of the Trust Estate pursuant to Article IX hereofTrust.
(ii) On the Determination Date tenth day of each monthmonth (or the immediately following Business Day if the tenth day does not fall on a Business Day), the Master Servicer shall send to the Trustee a report, in such electronic form as may be agreed upon by the Master Servicer, the Depositor, the Certificate Insurer and the Oversight Agent the Monthly Exception Report Trustee, detailing the payments on the Mortgage Loans for each of the Mortgage Loan Groups during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Master Servicer, the Certificate Insurer Depositor, and the Trustee from time to timetime and, in any event, shall have such information as shall be necessary to enable the Trustee to perform its obligations hereunder. In addition, on or prior to each Remittance Date, the Master Servicer will furnish to the Depositor, the Trustee and to the Certificate Insurer the following information for the three Mortgage Loan Groups as of the close of business on the first business day of the current calendar month:
(A) the total number of Mortgage Loans and the aggregate Principal Balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent;
(B) the number and aggregate principal balances of all Mortgage Loans in foreclosure proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (A));
(C) the number and aggregate principal balances of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A) and (B));
(D) the number and aggregate principal balances of all Mortgage Loans relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A), (B) and (C));
(E) the number and aggregate principal balances of all Mortgage Loans as to which foreclosure proceedings were commenced during the prior Remittance Period;
(F) a schedule regarding cumulative foreclosures since the Cut-Off Date;
(G) a schedule regarding the Group I Cumulative Net Realized Losses, the Group II Cumulative Net Realized Losses and the Cumulative Net Realized Losses;
(H) the book value of any REO Property and any income received from REO Properties during the prior Remittance Period;
(I) such other information as the Trustee, the Depositor or the Certificate Insurer may reasonably request and as is produced by the Master Servicer in the ordinary course of its business; and
(J) the number and Principal Balance of any Mortgage Loans repurchased during the related Remittance Period pursuant to Section 10.13(f) and the number and cumulative Principal Balance of all Mortgage Loans so repurchased since the Cut-Off Date.
(iii) On each Remittance Date, Date the Master Servicer shall remit the Group I Monthly Remittance and the Group II Monthly Remittance to the Trustee by wire transfer, or otherwise make funds available in immediately available funds funds.
(e) In connection with any exercise by the Depositor of its option and related termination under Article VIII hereof, upon written request of the Depositor, the Master Servicer shall remit to the Trustee all amounts (net of investment earnings and providing for investment losses pursuant to Section 10.8(b), net of the Master Servicing Fee and net of amounts reimbursable for Delinquency Advances and Servicing Advances) then on deposit in the Principal and Interest Account for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for which deposit shall be deemed to have occurred immediately preceding such Remittance Datepurchase.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Home Equity Securitization Corp)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish and maintain at one or more Designated Depository Institutions in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Insurer, as their interests may appear, a Principal and Interest Account. The funds held in establishment of the Principal and Interest Account shall not be commingled with any other fundsevidenced by the Master Servicer's delivery of a notice in the form of Exhibit C hereto, properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Section 8.08(e), the Master Servicer shall deposit to the Principal and Interest Account all principal 74 81 collected and interest collections accrued on the Mortgage Loans received or after the Initial Cut-Off Date, Date or Replacement Cut-Off Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices and Prices, Substitution Amounts and, until such time as the Overcollateralization Amounts first equals the Specified Overcollateralization Amount, all Prepayment Penalties received or paid by the Servicer with respect to the Mortgage LoansMaster Servicer, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the such Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Initial Cut-Off Date, Date or Replacement Cut-Off Date (iii) interest due accruing on the related Mortgage Loans on or prior to the Initial Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of the Loan Balance of the related Mortgage Loan plus any and accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredthereon.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a8.09(a) hereof for unrecovered unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account, if such investment earnings have been deposited in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the a Principal and Interest Account in error; and;
(E) to clear and terminate the each Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofX; and
(F) to invest in Eligible Investments.
(ii) On the Determination Date tenth day of each month, the Master Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and tape shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Master Servicer and the Trustee from time to time.
. The Certificate Insurer shall have the right to request this computer tape upon providing three (iii3) On each Remittance DateBusiness Days' written notice to the Master Servicer. Upon any change in the format of the electronic medium maintained by the Master Servicer in respect of the Mortgage Loans, the Master Servicer shall remit deliver a copy of such electronic medium to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateTrustee.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000 2)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held Chase Manhattan Bank, as Indenture Trustee in trust for the benefit of the Owners of the IMC Adjustable Rate Home Equity Loan Asset Backed Notes, Series 1998-2 and the Note Insurer. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance Daterelated Servicing Fees;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 4.09(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.V.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Note Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Indenture Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Note Insurer, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Indenture Trustee and the Oversight Agent are not Note Insurer in writing on each Monthly Reporting Date, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailIndenture Trustee in writing the information described in Section 4.08(d)(ii)(b) of and in Section 4.09(b) to enable the amount of such depositIndenture Trustee to perform its reporting requirements under Section 3.09.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The Bank of New York, as Trustee on behalf of the Owners of the Nationstar Home Equity Loan Trust 2007-B Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the applicable Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate subtrusts; one for Group 1 and any Trust assets allocable to Group 1 and one for Group 2 and any Trust assets allocable to Group 2. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all principal Prepayment Charges collected on and interest collections on the Mortgage Loans received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Arrearages, if any, unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Arrearages, unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-B)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2006-A Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1997-7 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance DateServicing Fee;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and for any excess Compensating Interest received by it pursuant to Section 8.10(a); and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Reporting Date of the same Person, amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period and of the Loan Balance of the Home Equity Loan having the largest Loan Balance of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-7)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2002-B Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the Certificatesother for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate reimburse itself pursuant to Article IX hereof.
(iiSection 8.09(a) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, Nonrecoverable Advances; and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in maintained the Principal and Interest Account shall not be commingled with any including two subaccounts, one designated as the Interest Collection Account and the other funds. Subject to Subsection (c) below, designated as the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal Collection Account titled “Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) belowfor NewStar Financial, on the Startup DayInc., the Seller and/or the its successors and assigns as Servicer shall deposit into the Principal and Interest Account all receipts related for NewStar Commercial Loan Trust 2007-1 subject to the related Mortgage Loans received after lien of U.S. Bank National Association, its successors and assigns, as Trustee on behalf of the Cutregistered holders of NewStar Commercial Loan Trust 2007-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments1 Notes”. The Principal and Interest Account shall be held in trust one or more Eligible Deposit Accounts with a Qualified Institution in the name form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments. All funds in such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the Trust FDIC to the maximum extent provided by law. The Servicer may, upon written notice to the Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the Closing Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any Related Property or to be released to the Obligor, other creditors or any other Person in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account pursuant to Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall have no obligation to deposit into the Principal and Interest Account any Excluded Amounts.
(d) Not later than the close of business on each Reference Date immediately preceding a Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (ii) the benefit Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the Owners of foregoing, payments with respect to the Certificates. Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(g) Any investment earnings Investment Earnings on funds held in the Principal and Interest Account shall be for the account deemed part of the Servicer Interest Collection Account and may only shall be withdrawn from the Principal deposited therein pursuant to this Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Distribution Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from in Permitted Investments directed by the Trustee. Any references herein to amounts on deposit Servicer shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earningsby the Servicer from its own funds immediately as realized without reimbursement therefor.
(ch) The Servicer shall deposit may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Trustee or, if different, the depository institution then holding the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off DateAccount, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposespurposes provided that amounts shall be withdrawn solely from Interest Collections in the case of clause (iv) below and solely from Principal Collections in the case of clause (ix) below:
(Ai) to effect the timely remittance remit to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than such amounts which are deemed herein not to be Principal Collections at such time);
(Bii) subject to Section 5.02(o), to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency any unreimbursed Scheduled Payment Advances and Servicing Advances;
(C) , together with accrued and unpaid interest due thereon, to withdraw investment earnings on amounts on deposit the extent deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loans or from other proceeds received with respect to such Obligor or the Related Property);
(Diii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to pay Administrative Expenses subject to the limits set forth with respect thereto in clause (x) of the proviso of the definition thereof;
(v) to make investments in Permitted Investments;
(vi) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(vii) prior to the replacement of the Servicer following a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of this Agreement;
(viii) to acquire Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 2.04(a)(i)(2);
(ix) to fund the Class A-2 Funding Account to cause the Class A-2 Funding Test to be satisfied, to fund draws on Delayed Draw Term Loans or Revolving Loans or to purchase Additional Loans from the Trust Depositor, in each case in accordance with this Agreement; and
(Ex) to clear and terminate the Principal and Interest Account following upon the termination of the Trust Estate pursuant to Article IX hereofthis Agreement.
(iii) On If the Determination Date of each monthdepository institution then holding the Reserve Fund is not the Trustee, the Servicer shall, or shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (orcause such depository institution to, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transferno later than the Business Day immediately preceding a Distribution Date, or otherwise make funds available in immediately available funds for deposit to in the Certificate Note Distribution Account, all funds on deposit in the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateReserve Fund.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2004-B Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into four separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II, one for Group III and any Trust assets allocable to Group III and one for Group IV and any Trust assets allocable to Group IV. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2004-B)
Principal and Interest Account. (a) The Servicer shall establish cause to be established and maintained the Principal and Interest Account including two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account in the name of the Trust for Issuer subject to the benefit lien of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsIndenture. The Principal and Interest Account shall be held in trust one or more Eligible Deposit Accounts with a Qualified Institution in the name form of time deposit or demand accounts, which may be interest-bearing accounts or may be trust accounts wherein the moneys therein are invested in Permitted Investments. All funds in such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the Trust FDIC to the maximum extent provided by Applicable Law. The Servicer may, upon written notice to the Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) all Collections (other than principal payments on Revolving Loans, which will be deposited in the Exposure Reserve Account) in the applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collection Account and Principal Collections into the Principal Collection Account), without duplication:
(i) all Principal Collections accruing and received on or after the Closing Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) [Reserved];
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard) and any disbursements, payments or proceeds from any other Collateral;
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account pursuant to Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest earned in connection with investments in Permitted Investments.
(c) The Servicer shall have no obligation to deposit into the Principal and Interest Account any Excluded Amounts.
(d) Not later than the close of business on each Reference Date immediately preceding a Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make at its option. The application of Scheduled Payment Advances will not prevent a Loan from being or becoming a Defaulted Loan.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any reason, (ii) the benefit Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection or (iii) the Servicer deposits amounts into the Principal and Interest Account that should have been deposited into the Exposure Reserve Account, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the Owners of foregoing, payments with respect to the Certificates. Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(g) Any investment earnings Investment Earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer treated as Interest Collections and may only shall be withdrawn from the Principal deposited therein pursuant to this Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Distribution Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from in Permitted Investments directed by the Trustee. Any references herein to amounts on deposit Servicer shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earningsby the Servicer from its own funds immediately as realized without reimbursement therefor.
(ch) The Servicer shall deposit may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Trustee or, if different, the depository institution then holding the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off DateAccount, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes; provided that amounts shall be withdrawn solely from Interest Collections in the case of clause (iv) below and solely from Principal Collections in the case of clause (ix) below:
(Ai) to effect the timely remittance remit to the Trustee of on any Distribution Date, for deposit in the Group I Monthly Remittance Amount Note Distribution Account, Interest Collections and Principal Collections received during the Group II Monthly Remittance Amount due on immediately preceding Due Period (other than (i) such amounts which are deemed herein not to be Interest Collections or Principal Collections at such time, (ii) such amount as required to be deposited into the Remittance DateExposure Reserve Account and (iii) any Transfer Deposit Amounts still available to invest in Substitute Loans pursuant to Section 2.04(a));
(Bii) subject to Section 5.02(o), to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency any unreimbursed Scheduled Payment Advances and Servicing Advances;
Advances (Csubject to the limitations set forth in clause 2 of Section 7.05(a) and clause 2 of Section 7.05(b)), together with accrued and unpaid interest thereon, to withdraw investment earnings on amounts on deposit the extent of Principal Collections or Interest Collections relating thereto deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loan(s) or from other proceeds received with respect to such Obligor or the Related Property, Foreclosed Property or Repossessed Property);
(Diii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to pay Administrative Expenses subject to the limits set forth with respect thereto in the proviso of the definition thereof;
(v) to make investments in Permitted Investments;
(vi) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(vii) prior to the replacement of the Servicer following a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of this Agreement;
(viii) to acquire Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 2.04(a)(i)(2);
(ix) to transfer funds to the Exposure Reserve Account in accordance with Section 7.07; and
(Ex) to clear and terminate the Principal and Interest Account following upon the termination of the Trust Estate pursuant to Article IX hereofthis Agreement.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Owners Holders of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, the Seller Sponsor and/or the Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans scheduled payments of principal and interest due and received and all Prepayments received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held only (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners Holders of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeServicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account all payments of principal and interest collections on the Mortgage Loans received (including Prepaid Installments) due after the Cut-Off Date, including any Prepayments and Net Liquidation ProceedsProceeds collected after the Cut-Off Date, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which that are reimbursable from the Principal and Interest Account Account, amounts on account of net investment losses and any condemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Loan plus any (B) accrued and unpaid interest thereon through on such Mortgage Loan at the Remittance Period Coupon Rate (net of any Servicing Fee) to the date of such liquidation. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) 8.9 hereof for unrecovered Delinquency Advances and Servicing any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each monthRemittance Date, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for all amounts then on deposit in the Principal and Interest Account that relate to collections on or with respect to the Certificate AccountMortgage Loans with respect to the immediately preceding Remittance Period, including the Group I Interest amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and Substitution Amounts; such amount being the "Monthly Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateAmount."
(iv) On or before January 20, 1998, the Servicer will provide to the Certificate Insurer and the Trustee a computer tape or electronic transmission, in a format mutually agreed to by the Servicer and the Certificate Insurer, containing all of the servicing data maintained by the Servicer with respect to the Mortgage Loans as of the last day of the preceding calendar month (a "Data Tape"), together with a written explanation (the "Data Dictionary") of each of the data fields included in such Data Tape. Thereafter, on or before each subsequent Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit will provide to the Certificate Insurer a Data Tape as of the last day of the preceding calendar month, together with a written explanation of any revisions made to the Data Dictionary during the preceding calendar month. The Certificate Insurer shall have no duty or obligation with respect to the accuracy of the information contained in any Data Tape or in the Data Dictionary.
(e) The Servicer shall furnish the Trustee monthly statements of the Principal and Interest Account, if it is not held by the Group II Trustee.
(f) Notwithstanding any other provisions of this Agreement, the Servicer shall be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Servicer determines (as evidenced by an Officer's Certificate) to be otherwise nonrecoverable by withdrawal from the Principal and Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) Account of amounts on deposit therein attributable to any of the amount Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of any such depositdetermination.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of December 1, 1997." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of and the CertificatesCertificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans received accrued after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected and interest accrued on the related Mortgage Loans any Home Equity Loan on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to the Home Equity Loans, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateCertificate Insurer a monthly servicing report, with respect to the Home Equity Loans, containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date with respect to the same Person, Home Equity Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) and in Section 7.09(c) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1997-5)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: ▇▇▇▇▇ Fargo Bank, N.A., as Securities Administrator on behalf of the Owners of the Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Series 2007-FRE1. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the applicable Corporate Trust Office of the Securities Administrator. The Servicer shall notify the Trustee, the Master Servicer, the Securities Administrator and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate subtrusts; one for Group 1 and any Trust assets allocable to Group 1 and one for Group 2 and any Trust assets allocable to Group 2. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all principal Prepayment Charges collected on and interest collections on the Mortgage Loans received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only with respect to each Home Equity Loan Group , for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee Securities Administrator for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on the 10th calendar day of each month, deliver to the Certificate AccountSecurities Administrator, the Group I Interest Remittance Amount Master Servicer and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report in substance similar to Exhibit O attached hereto or as mutually agreed upon by the Servicer and the Securities Administrator, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Securities Administrator on each Monthly Remittance Date, andwith respect to each Home Equity Loan Group , if of the Trustee amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Oversight Agent are not Loan Balance of the same Person, Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailSecurities Administrator the information described in Section 8.08(e)(ii) of and in Section 7.09(b) to enable the amount of such depositSecurities Administrator to perform its reporting requirements under Section 7.09 and to make the allocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Home Equity Loan Trust 2007-Fre1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2002-D Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the Certificatesother for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2002 D)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish and maintain at one or more Designated Depository Institutions in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Insurer, as their interests may appear, a Principal and Interest Account. The funds held in establishment of the Principal and Interest Account shall not be commingled with any other fundsevidenced by the Master Servicer's delivery of a notice in the form of Exhibit B hereto, properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans into in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Section 8.8(e), the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest collections accrued on the Mortgage Loans received or after the Initial Cut-Off Date, related Subsequent Cut-Off Date or Replacement Cut-Off Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage LoansMaster Servicer, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the such Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date (iii) interest due accruing on the related Mortgage Loans on or prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of the Loan Balance of the related Mortgage Loan plus any and accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredthereon.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A1) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1999-3)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of December 1, 1998." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of and the CertificatesCertificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans received accrued after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected and interest accrued on the related Mortgage Loans any Home Equity Loan on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to the Home Equity Loans, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateCertificate Insurer a monthly servicing report, with respect to the Home Equity Loans, containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date with respect to the same Person, Home Equity Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) and in Section 7.09(c) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Nationstar Home Equity Loan Trust 2006-B Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all principal Prepayment Charges collected on and interest collections on the Mortgage Loans received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Arrearages, if any, unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Arrearages, unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2006-B)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Class A-6 Certificate Insurer Insurer, as their interests may appear, and 100 114 maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, Day the Seller Sponsor and/or the Master Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans which relate to or are received on or after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received on or after the Cut-Off Date, Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
: 101 115 (A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1997-2)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1998-3 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance DateServicing Fee;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and for any excess Compensating Interest received by it pursuant to Section 8.10(a); and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Reporting Date of the same Person, amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period and of the Loan Balance of the Home Equity Loan having the largest Loan Balance of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-3)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1998-5 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation Net Liquidation Proceeds to the Servicer as permitted by Section 8.15 hereofextent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Home Equity Loan immediately prior to liquidation, plus (II) accrued and unpaid interest on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period, (ii) principal and interest due (including Prepaymentsand Prepayments collected) due on the related Mortgage Home Equity Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date reimbursements for Delinquency Advances and (iv) Net Liquidation Proceeds reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid (all such net amount herein referred to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredas "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance DateServicing Fee;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09
(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate AccountTrustee, a monthly servicing report, containing (without limitation) the Group I Interest Remittance Amount following information: principal and interest collected in respect of the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateHome Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(d)(ii)(b) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositto perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998 5)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on within one Business Day following the Startup Day, the Seller Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest AccountAccount held by the Trustee, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, commencing in July 1997 the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in July 1997 the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, (x) for Group I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (y) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositAmount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997 2)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer Insurer, as their interests may appear, and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, Closing Day the Seller Sponsor and/or the Master Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans which relate to or are received on or after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received on or after the Cut-Off Date, Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) 8.9 hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.X.
(ii) On the Determination Date tenth day of each month, the Master Servicer shall send to the Trustee and a report, in the Oversight Agent the Monthly Exception Report form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and tape shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Master Servicer and the Trustee from time to time.
(iii) On each Remittance Date, Date the Master Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds funds, (x) for deposit to the Certificate AccountGroup I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (y) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, andAmount.
(e) To the extent that the ratings, if any, then assigned to the Trustee unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer, Moody's and Standard & Poor's, then the requirement to maintain the Principal and Interest Account may be waived by an instrument signed by the Certificate Insurer, Standard & Poor's and Moody's, and the Oversight Agent are not Master Servicer may be allowed to co-mingle with its general funds the same Personamounts otherwise required to be deposited to the Principal and Interest Account, shall provide on such terms and subject to such conditions as the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositCertificate Insurer, Moody's and Standard & Poor's may permit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1996-4)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of March 1, 1998." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of and the CertificatesCertificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans received accrued after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected and interest accrued on the related Mortgage Loans any Home Equity Loan on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to the Home Equity Loans, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateCertificate Insurer a monthly servicing report, with respect to the Home Equity Loans, containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date with respect to the same Person, Home Equity Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) and in Section 7.09(c) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1998-1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of June 1, 1997. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans received accrued after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected and interest accrued on the related Mortgage Loans any Home Equity Loan on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountTrustee a monthly servicing report, with respect to each Home Equity Loan Group, containing the Group I Interest Remittance Amount following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Dateservicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date with respect to each Home Equity Loan Group of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(d)(ii)(b) and in Section 7.09(c) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-3)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Norwest Bank Minnesota, National Association, as Trustee on behalf of MBIA Insurance Corporation and the Owners of the Centex Home Equity Loan Trust 1998-2 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for the CertificatesAdjustable Rate Group and any Trust assets allocable to such Adjustable Rate Group and the other for the Fixed Rate Group and any Trust assets allocable to such Fixed Rate Group. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) and (III) any unreimbursed Realized Losses, (ii) principal received and interest due on the Home Equity Loans prior to the Cut-Off Date, the related Subsequent Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) and for any excess interest collected from a Mortgagor;
(E) Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.IX;
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09 and to make the allocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (DLJ Commercial Mort Corp Comm Mort Pass THR Cer Ser 1998-Cg1)
Principal and Interest Account. (a) The Master Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other fundsas a segregated account. Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts collections (other than amounts escrowed for taxes and insurance) related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On or before the Startup Day, the Seller and/or the Master Servicer shall deposit into to the Principal and Interest Account (i) all receipts related to scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the related Mortgage Loans received after the Cut-Off DateDate and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) Any investment of All funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsInvestments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittances by the Master Servicer. Any investment earnings for losses shall be paid by the previous calendar month. The Master Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into to the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earningsearnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on payments from the Mortgage Loans related Mortgagors received after by the Cut-Off Date, Master Servicer (including any Prepayments and Prepayments), Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Interest, Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain , the specified dataamount of any Loan Purchase Price received or paid by the Master Servicer, as described in the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 8.26 10.13(c) hereof, and shall amounts required to be in the form and have the specifications as may be agreed deposited therein pursuant to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.119
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Access Financial Lending Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on within one Business Day following the Startup Day, the Seller Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, commencing in October 1997 the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in October 1997 the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, (x) for Group I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (y) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositAmount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-3)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2005-B Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-B)
Principal and Interest Account. (a) The Master Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other fundsas a segregated account. Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts collections (other than amounts escrowed for taxes and insurance) related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On or before the Startup Day, the Seller and/or the Master Servicer shall deposit into to the Principal and Interest Account (i) all receipts related to scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the related Mortgage Loans received after the Cut-Off DateDate and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) Any investment of All funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsInvestments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittances by the Master Servicer. Any investment earnings for losses shall be paid by the previous calendar month. The Master Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into to the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earningsearnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on payments from the Mortgage Loans related Mortgagors received after by the Cut-Off Date, Master Servicer (including any Prepayments and Prepayments), Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Interest, Delinquency Advances together with any amounts which are reimbursable to the Master Servicer from the Principal and Interest Account Account, the amount of any Loan Purchase Price received or paid by the Master Servicer, the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 10.13(c) hereof, and amounts required to be deposited therein pursuant to Section 10.11 hereof in connection with blanket insurance policies and any proceeds received by the Master Servicer in connection with the termination of the Trust, but net of (i) the Master Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 10.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan sum of (I) the Principal Balance of the related Mortgage Loan Loan, plus any (II) accrued and unpaid interest thereon through on such Mortgage Loan at the Coupon Rate applicable to the related Remittance Period (net of the Master Servicing Fee) and (iii) prepayment charges and similar amounts to be paid over to the Seller pursuant to Section 10.2 hereof. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence shall be retained by the Master Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I related Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for amounts which represent Reimbursable Advances made by the Master Servicer from its own funds and subsequently collected from the related Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following in connection with the termination of the Trust Estate pursuant to Article IX hereofTrust.
(ii) On the Determination Date tenth day of each monthmonth (or the immediately following Business Day if the tenth day does not fall on a Business Day), the Master Servicer shall send to the Trustee a report, in such electronic form as may be agreed upon by the Master Servicer, the Seller, the Certificate Insurer and the Oversight Agent the Monthly Exception Report Trustee, detailing the payments on the Mortgage Loans for each of the Mortgage Loan Groups during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Master Servicer, the Certificate Insurer Seller, and the Trustee from time to timetime and, in any event, shall have such information as shall be necessary to enable the Trustee to perform its obligations hereunder. In addition, on or prior to each Remittance Date, the Master Servicer will furnish to the Seller, the Transferor, the Trustee and to the Certificate Insurer the following information for the three Mortgage Loan Groups as of the close of business on the first business day of the current calendar month:
(A) the total number of Mortgage Loans and the aggregate Principal Balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent;
(B) the number and aggregate principal balances of all Mortgage Loans in foreclosure proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (A));
(C) the number and aggregate principal balances of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A) and (B));
(D) the number and aggregate principal balances of all Mortgage Loans relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A), (B) and (C));
(E) the number and aggregate principal balances of all Mortgage Loans as to which foreclosure proceedings were commenced during the prior Remittance Period;
(F) a schedule regarding cumulative foreclosures since the Cut-Off Date;
(G) a schedule regarding the Group I Cumulative Net Realized Losses, the Group II Cumulative Net Realized Losses, the Group III Cumulative Net Realized Losses and the Cumulative Net Realized Losses;
(H) the book value of any REO Property and any income received from REO Properties during the prior Remittance Period;
(I) such other information as the Trustee, the Seller, the Certificate Insurer or the Transferor may reasonably request and as is produced by the Master Servicer in the ordinary course of its business; and
(J) the number and Principal Balance of any Mortgage Loans repurchased during the related Remittance Period pursuant to Section 10.13(f) and the number and cumulative Principal Balance of all Mortgage Loans so repurchased since the Cut-Off Date.
(iii) On each Remittance Date, Date the Master Servicer shall remit the Group I Monthly Remittance, the Group II Monthly Remittance and the Group III Monthly Remittance to the Trustee by wire transfer, or otherwise make funds available in immediately available funds funds.
(e) In connection with any exercise by the Seller of its option and related termination under Article VIII hereof, upon written request of the Seller, the Master Servicer shall remit to the Trustee all amounts (net of investment earnings and providing for investment losses pursuant to Section 10.8(b), net of the Master Servicing Fee and net of amounts reimbursable for Delinquency Advances and Servicing Advances) then on deposit in the Principal and Interest Account for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for which deposit shall be deemed to have occurred immediately preceding such Remittance Datepurchase.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Access Financial Lending Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1997-3 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance Daterelated Servicing Fees;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09
(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate AccountTrustee, a monthly servicing report, containing (without limitation) the Group I Interest Remittance Amount following information: principal and interest collected in respect of the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateHome Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(d)(ii)(b) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositto perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-3)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2004-A Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-A)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in maintained the Principal and Interest Account shall not be commingled with any including two subaccounts, one designated as the Interest Collection Account and the other funds. Subject to Subsection (c) below, designated as the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal Collection Account titled “Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) belowfor NewStar Financial, on the Startup DayInc., the Seller and/or the its successors and assigns as Servicer shall deposit into the Principal and Interest Account all receipts related for NewStar Trust 2005-1 subject to the related Mortgage Loans received after lien of U.S. Bank National Association, its successors and assigns, as Indenture Trustee on behalf of the Cutregistered holders of NewStar Trust 2005-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested1, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsSeries 2005-1 Notes”. The Principal and Interest Account shall be held in trust one or more Eligible Deposit Accounts with a Qualified Institution in the name form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments. All funds in such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the Trust FDIC to the maximum extent provided by law. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the Initial Cut-Off Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any Related Property or to be released to the Obligor, other creditors or any other Person in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account pursuant to Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall have no obligation to deposit into the Principal and Interest Account any Excluded Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (ii) the benefit Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the Owners of foregoing, payments with respect to the Certificates. Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(g) Any investment earnings Investment Interest Earnings on funds held in the Principal and Interest Account shall be for the account deemed part of the Servicer Interest Collection Account and may only shall be withdrawn from the Principal deposited therein pursuant to Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Distribution Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from in Permitted Investments directed by the Trustee. Any references herein to amounts on deposit Servicer shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earningsby the Servicer from its own funds immediately as realized without reimbursement therefor.
(ch) The Servicer shall deposit may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Indenture Trustee or, if different, the depository institution then holding the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off DateAccount, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(Ai) to effect the timely remittance remit to the Indenture Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than such amounts which are deemed herein not to be Principal Collections at such time);
(Bii) subject to Section 5.02(o), to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency any unreimbursed Scheduled Payment Advances and Servicing Advances;
(C) , together with accrued and unpaid interest due thereon, to withdraw investment earnings on amounts on deposit the extent deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loans or from other proceeds received with respect to such Obligor or the Related Property);
(Diii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(vi) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of this Agreement;
(vii) to purchase Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 2.04(a)(i)(2); and
(Eviii) to clear and terminate the Principal and Interest Account following upon the termination of the Trust Estate pursuant to Article IX hereofAgreement.
(iii) On If the Determination Date of each monthdepository institution then holding the Reserve Fund is not the Indenture Trustee, the Servicer shall, or shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (orcause such depository institution to, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee by wire transferno later than the Business Day immediately preceding a Distribution Date, or otherwise make funds available in immediately available funds for deposit to in the Certificate Note Distribution Account, all funds on deposit in the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateReserve Fund.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (NewStar Financial, Inc.)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of March 1, 1999." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee, the Master Servicer, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of and the CertificatesCertificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received received, and after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account all interest accrued after February 28, 1999, but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans collected on or prior to the Cut-Off Date and interest accrued on or prior to February 28, 1999, (iviii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to the Home Equity Loans, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Dateany Home Equity Loans that had accrued for periods prior to March 1, 1999;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountMaster Servicer, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateCertificate Insurer a monthly servicing report, with respect to the Home Equity Loans, containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans as may reasonably be requested by the Master Servicer. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountMaster Servicer, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date with respect to the same Person, Home Equity Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) and in Section 7.09(c) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contimortgage Home Equity Trust 1999-1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2004-D Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-D)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at maintained one or more Designated Depository Institutions the Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled "MCG Capital Corporation, as Servicer, in trust for the registered holders of MCG Commercial Loan Trust Notes, Series 2001-1 Class A, Class B and Class C Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The funds held creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such --------- letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Noteholder or Certificateholder. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall deposit without duplication (within two (2) Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the first day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below); -----------
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any related Collateral, or to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account shall not be commingled with any other funds. Subject pursuant to Subsection (c) below, the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal Sections 5.10 or 7.03; and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.------------- ----
(bviii) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds any gains and interest incurred in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit connection with investments in the Principal and Interest Account shall refer to amounts net of investment earningsPermitted Investments.
(c) The Servicer shall have no obligation to deposit into the Principal and Interest Account any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a Remittance Date, the Servicer will remit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by Scheduled Payment Advance that the Servicer with respect determines to make.
(e) Notwithstanding subsection 7.03(b), if (i) the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from Servicer makes a deposit ----------------- into the Principal and Interest Account but net in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (iii) the Servicing Fee Servicer makes a mistake with respect to each Mortgage Loan the amount of any Collection and other servicing compensation to deposits an amount that is less than or more than the actual amount of such Collection, the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on shall appropriately adjust the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from amount subsequently deposited into the Principal and Interest Account only for the following purposes:to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(Af) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof The foregoing requirements for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Principal Servicing Fee, together with the difference between any Liquidation Proceeds and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each monthrelated Net Liquidation Proceeds, may not be deposited by the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from in the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iiig) On each Remittance DateSo long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account as an interest-bearing account meeting the requirements set forth in subsection ---------- 7.03(a), or the funds held therein may be invested by the Servicer shall remit (to the Trustee ------- extent practicable) in Permitted Investments, as directed in writing by wire transferthe Servicer. In either case, or otherwise make funds in the Principal and Interest Accounts must be available in for withdrawal without penalty, and any Permitted Investments must mature not later than the Business Day immediately available funds for deposit to preceding the Certificate Account, Determination Date next following the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for date of such Remittance Date.
investment (iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for except that if such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) Permitted Investments is an obligation of the amount institution that maintains such account, then such Permitted Investments shall mature not later than such Determination Date) and shall not be sold or disposed of such deposit.prior to its maturity. All Permitted
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on within one Business Day following the Startup Day, the Seller Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest AccountAccount held by the Trustee, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, commencing in April 1997 the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in April 1997 the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, (x) for Group I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (y) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositAmount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-01)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held Chase Manhattan Bank, as Indenture Trustee in trust for the benefit of the Owners of the IMC Adjustable Rate Home Equity Loan Asset Backed Notes, Series 1998-4 and the Note Insurer. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance Daterelated Servicing Fees;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 4.09(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.V.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Note Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Indenture Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Note Insurer, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Indenture Trustee and the Oversight Agent are not Note Insurer in writing on each Monthly Reporting Date, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailIndenture Trustee in writing the information described in Section 4.08(d)(ii)(b) of and in Section 4.09(b) to enable the amount of such depositIndenture Trustee to perform its reporting requirements under Section 3.09.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1998-4)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1996-4 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
shall be held (bi) uninvested or (ii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance DateServicing Fee;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and to retain any excess Compensating Interest received by it pursuant to Section 8.10(a) hereof; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1996-4)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2004-C Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2004-C)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2003-A Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into three separate sub-trusts; one for Group I and any Trust assets allocable to Group I, one for Group II and any Trust assets allocable to Group II and one for Group III and any Trust assets allocable to Group III. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Funding LLC Centex Home Eq Ln Ast Bk Cert Ser 2003-A)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2003-C Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chec Funding LLC Centex Home Equity Loan Trust 2003-C)
Principal and Interest Account. (a) The Servicer shall establish cause to be established and maintained with and in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in Trustee the Principal and Interest Account shall not be commingled with any including two subaccounts, one designated as the Interest Collection Account and the other funds. Subject to Subsection (c) below, designated as the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal Collection Account titled “Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) belowfor Ares Capital Corporation, on the Startup Day, the Seller and/or the its successors and assigns as Servicer shall deposit into the Principal and Interest Account all receipts related for ARCC Commercial Loan Trust 2006 subject to the related Mortgage Loans received after lien of U.S. Bank National Association, its successors and assigns, as Trustee on behalf of the Cut-Off Date.
(b) Any investment registered holders of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvestedARCC Commercial Loan Trust 2006, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsSeries 2006 Notes”. The Principal and Interest Account shall be held in one or more Eligible Deposit Accounts with a Qualified Institution in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments titled “Ares Capital Corporation, as Servicer, in trust for the registered holders of Ares Capital Loan Trust Notes, Series 2006 Class A-1A, Class A-1A VFN, Class A-1B, Class A-2A Notes, Class A-2B Notes, Class B, Class C, Class D, and Class E Notes”. All funds in such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E. A copy of such letter agreement shall be furnished to the Trustee, the Owner Trustee, the Servicer, and, upon request, any Securityholder. The Servicer may, upon written notice to the Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer shall deposit or cause to be deposited (within two Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein, subject to withdrawal as permitted by this Section 7.03, the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the Closing Date or the related Cut-Off Date, as applicable;
(ii) all Interest Collections accruing and received on or after the Closing Date;
(iii) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any Related Property or to be released to the Obligor, other creditors or any other Person in accordance with the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(iv) any other proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor, other creditors or any other Person in accordance with Applicable Law, the Required Loan Documents, the Credit and Collection Policy and the Servicing Standard);
(v) any amounts paid in connection with the purchase or repurchase of any Loan;
(vi) any amount required to be deposited in the Principal and Interest Account pursuant to Section 5.10 or this Section 7.03; and
(vii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall have no obligation to deposit into the Principal and Interest Account any Excluded Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a Distribution Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if: (i) at any time during the Replenishment Period the Issuer receives a payment of principal with respect to a Revolving Loan and, after giving effect to such payment (and any corresponding increase in the Exposure Amount), the Class A-1A VFN Funding Test is not satisfied, the Servicer will transfer an amount of Principal Collections sufficient to cause the Class A-1A VFN Funding Test to be satisfied from the Principal Collection Account to the Class A-1A VFN Funding Account; (ii) the Servicer: (A) makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any reason; or (B) makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection; the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake, and any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, Liquidation Expenses and Excluded Amounts may not be deposited by the Servicer in the Principal and Interest Account.
(g) So long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall either be maintained within an Eligible Deposit Account as an interest-bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a stated maturity date (giving effect to any applicable grace period) no later than the Business Day immediately preceding the Distribution Date next following the Due Period in which the date of investment occurs. All Permitted Investments must be held by or registered in the name of the Trust and “Ares Capital Corporation, as Servicer, in trust for the benefit registered holders of the Owners of the CertificatesARCC Commercial Loan Trust 2006, Series 2006 Notes”. Any investment earnings Investment Earnings on funds held in the Principal and Interest Account shall be for the account deemed part of the Servicer Interest Collection Account and may only shall be withdrawn from the Principal deposited therein pursuant to Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Distribution Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from in Permitted Investments directed by the Trustee. Any references herein to amounts on deposit Servicer shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earningsby the Servicer from its own funds immediately as realized without reimbursement therefor.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(ih) The Servicer may (and, for the purposes of clause (i) below, shall), at any time upon one Business Day’s notice to the Trustee (so long as it is held by the Trustee), make withdrawals from the Principal and Interest Account only for the following purposes:
(Ai) to effect the timely remittance remit to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Business Day immediately preceding a Distribution Date, for deposit in the Note Distribution Account, Interest Collections and Principal Collections received during the immediately preceding Due Period (other than such amounts which are deemed herein not to be Principal Collections at such time);
(Bii) subject to Section 5.02(q), to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency any unreimbursed Scheduled Payment Advances and Servicing Advances;
(C) , together with accrued and unpaid interest due thereon, to withdraw investment earnings on amounts on deposit the extent deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments or other amounts received from the Obligor of the related Loans or from other proceeds received with respect to such Obligor or the Related Property);
(Diii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error; and;
(Evi) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b);
(vii) to purchase Substitute Loans pursuant to Section 11.01, to the extent funds have previously been deposited by the Originator for such purpose;
(viii) during the Ramp-Up Period and the Replenishment Period, to acquire Additional Loans pursuant to Section 2.06;
(ix) to clear and terminate the Principal and Interest Account following upon the termination of the Trust Estate pursuant to Article IX hereof.Agreement; and
(iix) On the Determination Date of each month, the Servicer shall send to make scheduled periodic payments (excluding any termination payments) due under any Asset Specific Swap to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from extent Interest Collections deposited in the Principal and Interest Account. Such report shall contain Account from the specified data, as described in Section 8.26 hereof, specific related Loan (and shall be in not netted from Scheduled Payments or other amounts received from the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) Obligor of the amount of related Loan or from other proceeds received with respect to such depositObligor or the Related Property).
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of February 1, 1997. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection 80
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans received accrued after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected and interest accrued on the related Mortgage Loans any Home Equity Loan on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountTrustee a monthly servicing report containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the Group I Interest Remittance Amount and servicing of the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateHome Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(d)(ii)(b) and in Section 7.09(b) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at maintained one or more Designated Depository Institutions Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled "CapitalSource Finance LLC, as Servicer, in trust for the Swap Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2002-1 Class A, Class B, Class C and Class D Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Swap Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall deposit without duplication (within two (2) Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the first day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account pursuant to Sections 5.10 or 7.03; and
(viii) the amount of any gains and interest incurred in connection with investments in Permitted Investments.
(c) The Servicer shall have no obligation to deposit into the Principal and Interest Account any Retained Interest or Released Amounts.
(d) Not later than the close of business on each Determination Date immediately preceding a Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding subsection 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the Servicing Fee, together with the Liquidation Expenses, may not be deposited by the Servicer in the Principal and Interest Account.
(g) So long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account as an interest-bearing account meeting the requirements set forth in subsection 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer. The In either case, funds in the Principal and Interest Accounts must be available for withdrawal without penalty, and any Permitted Investments must mature not later than the Business Day immediately preceding the Determination Date next following the date of such investment (except that if such Permitted Investments is an obligation of the institution that maintains such account, then such Permitted Investments shall mature not later than such Determination Date) and shall not be sold or disposed of prior to its maturity. All Permitted Investments must be held by or registered in the name of "CapitalSource, as Servicer, in trust for the Swap Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2002-1." Any Investment Interest Earnings on funds held in the Principal and Interest Account Class A, Class B and Class C Notes shall not be commingled with any other funds. Subject deemed part of the Interest Collection Account and shall be deposited therein pursuant to Subsection (c) below, the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal Section 7.03 and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, distributed on the Startup Day, next Remittance Date pursuant to Section 7.05. The amount of any losses incurred in connection with the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account Permitted Investments shall be held deposited in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of its own funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earningsimmediately as realized without reimbursement therefor.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer Insurer, as their interests may appear, and maintain at one or more Designated Depository Institutions the a Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans into in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest collections accrued on the Mortgage Loans received on or after the Initial Cut-Off Date, Date or related Subsequent Cut-Off Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the such Mortgage Loans, other recoveries or amounts related to the such Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the such Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each such Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of the Loan Balance of the related Mortgage Loan plus any and accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredthereon.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A1) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B2) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(C3) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D4) to withdraw amounts that have been deposited to the a Principal and Interest Account in error; and;
(E5) to clear and terminate the each Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofX; and
(6) to invest in Eligible Investments.
(ii) On the Determination Date tenth day of each month, the Master Servicer shall send to the Trustee and a report, in the Oversight Agent the Monthly Exception Report form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and tape shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Master Servicer and the Trustee from time to time. The Certificate Insurer shall have the right to request this computer tape upon providing 3 Business Days written notice to the Master Servicer.
(iii) On each Remittance Date, Date the Master Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to in the Certificate AccountAccount the amounts specified in Section 7.5(a) of this Agreement, (A) for Group I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (B) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, andAmount.
(e) To the extent that the ratings, if any, then assigned to the unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer, the Trustee and each Rating Agency, then the Oversight Agent are not requirement to maintain the same PersonPrincipal and Interest Account and deposit of principal collections and accrued interest may be waived by an instrument signed by the Certificate Insurer, shall provide Trustee and each Rating Agency, and the Oversight Agent Master Servicer may be allowed to co-mingle with written notice (by facsimile or electronic mail) of its general funds the amount of amounts otherwise required to be deposited to the Principal and Interest Account, on such depositterms and subject to such conditions as the Certificate Insurer, the Trustee and each Rating Agency may permit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Conduit Receivables Inc)
Principal and Interest Account. (a) The Master Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other fundsas a segregated account. Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts collections (other than amounts escrowed for taxes and insurance) related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On or before the Startup Day, the Seller and/or the Master Servicer shall deposit into to the Principal and Interest Account (i) all receipts related to scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the related Mortgage Loans received after the Cut-Off DateDate and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) Any investment of All funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsInvestments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittances by the Master Servicer. Any investment earnings for losses shall be paid by the previous calendar month. The Master Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into to the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earningsearnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on payments from the Mortgage Loans related Mortgagors received after by the Cut-Off Date, Master Servicer (including any Prepayments and Prepayments), Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Interest, Delinquency Advances together with any amounts which are reimbursable to the Master Servicer from the Principal and Interest Account Account, the amount of any Loan Purchase Price received or paid by the Master Servicer, the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 10.13(c) hereof, and amounts required to be deposited therein pursuant to Section 10.11 hereof in connection with blanket insurance policies and any proceeds received by the Master Servicer in connection with the termination of the Trust, but net of (i) the Master Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 10.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan sum of (I) the Principal Balance of the related Mortgage Loan Loan, plus any (II) accrued and unpaid interest thereon through on such Mortgage Loan at the Coupon Rate applicable to the related Remittance Period (net of the Master Servicing Fee) and (iii) prepayment charges and similar amounts to be paid over to the Seller pursuant to Section 10.2 hereof. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence 117 shall be retained by the Master Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I related Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for amounts which represent Reimbursable Advances made by the Master Servicer from its own funds and subsequently collected from the related Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following in connection with the termination of the Trust Estate pursuant to Article IX hereofTrust.
(ii) On the Determination Date tenth day of each monthmonth (or the immediately following Business Day if the tenth day does not fall on a Business Day), the Master Servicer shall send to the Trustee a report, in such electronic form as may be agreed upon by the Master Servicer, the Seller, the Certificate Insurer and the Oversight Agent the Monthly Exception Report Trustee, detailing the payments on the Mortgage Loans for each of the Mortgage Loan Groups during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Master Servicer, the Certificate Insurer Seller, and the Trustee from time to timetime and, in any event, shall have such information as shall be necessary to enable the Trustee to perform its obligations hereunder. In addition, on or prior to each Remittance Date, the Master Servicer will furnish to the Seller, the Transferor, the Trustee and to the Certificate Insurer the following information for each of the three Mortgage Loan Groups as of the close of business on the first business day of the current calendar month:
(A) the total number of Mortgage Loans and the aggregate Principal Balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent;
(B) the number and aggregate principal balances of all Mortgage Loans in foreclosure proceedings (and whether any such Mortgage Loans are also included 118 in any of the statistics described in the foregoing clause (A));
(C) the number and aggregate principal balances of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A) and (B));
(D) the number and aggregate principal balances of all Mortgage Loans relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A), (B) and (C));
(E) the number and aggregate principal balances of all Mortgage Loans as to which foreclosure proceedings were commenced during the prior Remittance Period;
(F) a schedule regarding cumulative foreclosures since the Cut-Off Date;
(G) a schedule regarding the Group I Cumulative Net Realized Losses, the Group II Cumulative Net Realized Losses, and the Cumulative Net Realized Losses;
(H) the book value of any REO Property and any income received from REO Properties during the prior Remittance Period; and
(I) such other information as the Trustee, the Seller, the Certificate Insurer or the Transferor may reasonably request and as is produced by the Master Servicer in the ordinary course of its business.
(iii) On each Remittance Date, Date the Master Servicer shall remit the Group I Monthly Remittance and the Group II Monthly Remittance to the Trustee by wire transfer, or otherwise make funds available in immediately available funds funds.
(e) In connection with any exercise by the Seller of its option and related termination under Article VIII hereof, upon written request of the Seller, the Master Servicer shall remit to the Trustee all amounts (net of investment earnings and providing for investment losses pursuant to Section 10.8(b), net of the Master Servicing Fee and net of amounts reimbursable for Delinquency Advances and Servicing Advances) then on deposit in the Principal and Interest Account for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for which deposit shall be deemed to have occurred immediately preceding such Remittance Datepurchase.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Access Financial Lending Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Norwest Bank Minnesota, National Association, as Trustee on behalf of Financial Security Assurance Inc. and the Owners of the Centex Home Equity Loan Trust 1998-4 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to such Group I and the Certificatesother for Group II and any Trust assets allocable to such Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) and (III) any unrecovered Cram Down Losses, (ii) principal received and interest due on the Home Equity Loans prior to the Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (iii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(id) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.IX;
(iii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountTrustee, the Group I Interest Remittance Amount Depositor and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(ii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09 and to make the allocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Chec Asset Receivables Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2005-A Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-A)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2005-D Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-D)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The Bank of New York, as Trustee on behalf of the Owners of the Nationstar Home Equity Loan Trust 2007-C Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the applicable Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate subtrusts; one for Group 1 and any Trust assets allocable to Group 1 and one for Group 2 and any Trust assets allocable to Group 2. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all principal Prepayment Charges collected on and interest collections on the Mortgage Loans received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Arrearages, if any, unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Arrearages, unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-C)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer Insurer, as their interests may appear, and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, on each Subsequent Transfer Date and each day thereafter, as applicable, the Seller Sponsor and/or the Master Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans which relate to or are received on or after the Cut-Off Date or the Subsequent Cut-Off Date, as the case may be.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received on or after the Cut-Off Date, Date or related Subsequent Cut-Off Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A1) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B2) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-3)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held Chase Manhattan Bank, as Indenture Trustee in trust for the benefit of the Owners of the IMC Adjustable Rate Home Equity Loan Asset Backed Notes, Series 1997-6 and the Note Insurer. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance Daterelated Servicing Fees;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 4.09(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.V.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Note Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Indenture Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Note Insurer, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Indenture Trustee and the Oversight Agent are not Note Insurer in writing on each Monthly Reporting Date, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailIndenture Trustee in writing the information described in Section 4.08(d)(ii)(b) of and in Section 4.09(b) to enable the amount of such depositIndenture Trustee to perform its reporting requirements under Section 3.09.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1997-6)
Principal and Interest Account. (a) The Master Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer maintain and shall cause any Sub-Servicer to establish and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the First Greensboro Home Equity Loan Trust 1997-2 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Master Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Master Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with a qualifying Designated Depository Institution selected by the Trustee. The Master Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Notwithstanding any other fundsprovision of this Section 8.08 to the contrary, in the event the Backup Master Servicer becomes the Master Servicer, the Principal and Interest Account may be maintained as segregated account or accounts the deposits in which are fully insured by the FDIC (to the limits established by such corporation); provided that at such time as amounts in such account equal or exceed $75,000, all such amounts in excess of $75,000 shall be transferred to the Certificate Account or another Eligible Account or an account meeting the requirements of this Section 8.08(a). Subject to Subsection (c) below, the Master Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
shall be held (bi) uninvested or (ii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earningsOwners.
(c) The Master Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date or the related Subsequent Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerMaster Servicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans prior to the Cut-Off Date or related Subsequent Cut-Off Date, excluding payments received and applied prior to the Cut-Off Date or related Subsequent Cut-Off Date which are applicable to periods on and after the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for Delinquency Advances and Servicing Advances pursuant to Section 8.08(d)(i)(D) and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) Except as provided in Section 8.09(b), The Master Servicer may make withdrawals for its own account from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance DateServicing Fee;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and;
(D) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and to retain any excess Compensating Interest received by it pursuant to Section 8.10(a) hereof (and if the Backup Master Servicer is the Master Servicer, unrecovered Servicing Advances pursuant to Section 8.09(b));
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX; and
(F) to reimburse the Master Servicer for expenses incurred by, or reimbursable to, the Master Servicer pursuant to Section 8.05 and Section 8.20(f).
(ii) On the Determination Date of each month, the The Master Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountTrustee, the Group I Interest Remittance Amount Backup Master Servicer (on computer disk) and the Group I Principal Certificate Insurer, a monthly servicing report containing (without limitation) the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Master Servicer shall inform the Trustee, the Backup Master Servicer and the Certificate Insurer on each Monthly Remittance Amount for such Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance DatePeriod.
(iviii) On each Remittance Date, the The Master Servicer shall remit provide to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount (and the Group II Principal Remittance Amount for such Remittance Date, and, if Backup Master Servicer on computer disk) the information described in Section 8.08(d)(ii)(b) and in Section 7.09(b) to enable the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositto perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (DLJ Mortgage Acceptance Corp)
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Owners Holders of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, the Seller Sponsor and/or the Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners Holders of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeServicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account all payments of principal and interest collections on the Mortgage Loans received (including Prepaid Installments) due after the Cut-Off Date, including any Prepayments and Net Liquidation ProceedsProceeds collected after the Cut-Off Date, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which that are reimbursable from the Principal and Interest Account Account, amounts on account of net investment losses and any condemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Loan plus any (B) accrued and unpaid interest thereon through on such Mortgage Loan at the Remittance Period Coupon Rate (net of any Servicing Fee) to the date of such liquidation. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) 8.9 hereof for unrecovered Delinquency Advances and Servicing any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each monthRemittance Date, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section 8.8(d)(ii).
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for all amounts then on deposit in the Principal and Interest Account that relate to collections on or with respect to the Certificate AccountMortgage Loans with respect to the immediately preceding Remittance Period, including the Group I Interest amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and Substitution Amounts; such amount being the "Monthly Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateAmount."
(iv) On or before October 20, 1997, the Servicer will provide to the Certificate Insurer and the Trustee a computer tape or electronic transmission, in a format mutually agreed to by the Servicer and the Certificate Insurer, containing all of the servicing data maintained by the Servicer with respect to the Mortgage Loans as of the last day of the preceding calendar month (a "Data Tape"), together with a written explanation (the "Data Dictionary") of each of the data fields included in such Data Tape. Thereafter, on or before each subsequent Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit will provide to the Certificate Insurer a Data Tape as of the last day of the preceding calendar month, together with a written explanation of any revisions made to the Data Dictionary during the preceding calendar month. The Certificate Insurer shall have no duty or obligation with respect to the accuracy of the information contained in any Data Tape or in the Data Dictionary.
(e) The Servicer shall furnish the Trustee monthly statements of the Principal and Interest Account, if it is not held by the Group II Trustee.
(f) Notwithstanding any other provisions of this Agreement, the Servicer shall be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Servicer determines (as evidenced by an Officer's Certificate) to be otherwise nonrecoverable by withdrawal from the Principal and Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) Account of amounts on deposit therein attributable to any of the amount Mortgage Loans on any Business Day prior to the Payment Date succeeding the date of any such depositdetermination.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of March 1, 1997. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans received accrued after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected and interest accrued on the related Mortgage Loans any Home Equity Loan on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountTrustee a monthly servicing report, with respect to each Home Equity Loan Group, containing the Group I Interest Remittance Amount following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Dateservicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date with respect to each Home Equity Loan Group of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(d)(ii)(b) and in Section 7.09(b) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contimortgage Home Equity Loan Trust 1997-2)
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Owners Holders of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, the Seller Sponsor and/or the Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners Holders of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeServicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account all payments of principal and interest collections on the Mortgage Loans received (including Prepaid Installments) due after the Cut-Off Date, including any Prepayments and Net Liquidation ProceedsProceeds collected after the Cut-Off Date, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which that are reimbursable from the Principal and Interest Account Account, amounts on account of net investment losses and any condemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Loan plus any (B) accrued and unpaid interest thereon through on such Mortgage Loan at the Remittance Period Coupon Rate (net of any Servicing Fee) to the date of such liquidation. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) 8.9 hereof for unrecovered Delinquency Advances and Servicing any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each monthRemittance Date, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section 8.8(d)(ii).
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for all amounts then on deposit in the Principal and Interest Account that relate to collections on or with respect to the Certificate Mortgage Loans with respect to the immediately preceding Remittance Period, including the amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and Substitution Amounts; such amount being the "Monthly Remittance Amount."
(e) The Servicer shall furnish the Trustee monthly statements of the Principal and Interest Account, if it is not held by the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateTrustee.
(ivf) On each Remittance DateNotwithstanding any other provisions of this Agreement, the Servicer shall remit be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the Trustee terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Servicer determines (as evidenced by wire transfer or an Officer's Certificate) to be otherwise make funds available in immediately available funds for nonrecoverable by withdrawal from the Principal and Interest Account of amounts on deposit therein attributable to any of the Mortgage Loans on any Business Day prior to the Certificate Account, Payment Date succeeding the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for date of any such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositdetermination.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Principal and Interest Account. (a) The Master Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other fundsas a segregated account. Subject to Subsection Subsections (c) and (d) below, the Master Servicer and any Sub-Servicer shall deposit all receipts collections (other than amounts escrowed for taxes and insurance) related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On or before the Startup Day, the Seller and/or the Master Servicer shall deposit into to the Principal and Interest Account (i) all receipts related to scheduled payments due and collected (other than amounts escrowed for taxes and insurance) on the related Mortgage Loans received after the Cut-Off DateDate and prior to the Startup Day and (ii) all unscheduled collections (other than amounts escrowed for taxes and insurance) on the Mortgage Loans received on or after the Cut-Off Date and prior to the Startup Day.
(b) Any investment of All funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible InvestmentsInvestments maturing not later than the Business Day immediately preceding the related Remittance Date; provided, however, in the event that Trustee is acting as Successor Master Servicer, such amounts may be held uninvested. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittances by the Master Servicer. Any investment earnings for losses shall be paid by the previous calendar month. The Master Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into to the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer's own funds. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earningsearnings and to additional amounts in respect of investment losses. The Trustee shall have no responsibility or liability for actions taken by the Master Servicer, including withdrawals, with respect to the Principal and Interest Accounts.
(c) The Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on payments from the Mortgage Loans related Mortgagors received after by the Cut-Off Date, Master Servicer (including any Prepayments and Prepayments), Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Interest, Delinquency Advances together with any amounts which are reimbursable to the Master Servicer from the Principal and Interest Account Account, the amount of any Loan Purchase Price received or paid by the Master Servicer, the amount of any Substitution Amount received by the Master Servicer, REO income pursuant to Section 10.13(c) hereof, and amounts required to be deposited therein pursuant to Section 10.11 hereof in connection with blanket insurance policies and any proceeds received by the Master Servicer in connection with the termination of the Trust, but net of (i) the Master Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 10.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan sum of (I) the Principal Balance of the related Mortgage Loan Loan, plus any (II) accrued and unpaid interest thereon through on such Mortgage Loan at the Coupon Rate applicable to the related Remittance Period (net of the Master Servicing Fee) and (iii) prepayment charges and similar amounts to be paid over to the Seller pursuant to Section 10.2 hereof. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence shall be retained by the Master Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I related Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for amounts which represent Reimbursable Advances made by the Master Servicer from its own funds and subsequently collected from the related Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following in connection with the termination of the Trust Estate pursuant to Article IX hereofTrust.
(ii) On the Determination Date tenth day of each monthmonth (or the immediately following Business Day if the tenth day does not fall on a Business Day), the Master Servicer shall send to the Trustee a report, in such electronic form as may be agreed upon by the Master Servicer, the Seller, the Certificate Insurer and the Oversight Agent the Monthly Exception Report Trustee, detailing the payments on the Mortgage Loans for each of the Mortgage Loan Groups during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Master Servicer, the Certificate Insurer Seller, and the Trustee from time to timetime and, in any event, shall have such information as shall be necessary to enable the Trustee to perform its obligations hereunder. In addition, on or prior to each Remittance Date, the Master Servicer will furnish to the Seller, the Transferor, the Trustee and to the Certificate Insurer the following information for each of the three Mortgage Loan Groups as of the close of business on the first business day of the current calendar month:
(A) the total number of Mortgage Loans and the aggregate Principal Balances thereof, together with the number and aggregate principal balances of Mortgage Loans (a) 30-59 days Delinquent, (b) 60-89 days Delinquent and (c) 90 or more days Delinquent;
(B) the number and aggregate principal balances of all Mortgage Loans in foreclosure proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clause (A));
(C) the number and aggregate principal balances of all Mortgage Loans relating to Mortgagors in bankruptcy proceedings (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A) and (B));
(D) the number and aggregate principal balances of all Mortgage Loans relating to REO Properties (and whether any such Mortgage Loans are also included in any of the statistics described in the foregoing clauses (A), (B) and (C));
(E) the number and aggregate principal balances of all Mortgage Loans as to which foreclosure proceedings were commenced during the prior Remittance Period;
(F) a schedule regarding cumulative foreclosures since the Cut-Off Date;
(G) a schedule regarding the Group I Cumulative Net Realized Losses, the Group II Cumulative Net Realized Losses, the Group III Cumulative Net Realized Losses and the Cumulative Net Realized Losses;
(H) the book value of any REO Property and any income received from REO Properties during the prior Remittance Period; and
(I) such other information as the Trustee, the Seller, the Certificate Insurer or the Transferor may reasonably request and as is produced by the Master Servicer in the ordinary course of its business.
(iii) On each Remittance Date, Date the Master Servicer shall remit the Group I Monthly Remittance, the Group II Monthly Remittance and the Group III Monthly Remittance to the Trustee by wire transfer, or otherwise make funds available in immediately available funds funds.
(e) In connection with any exercise by the Seller of its option and related termination under Article VIII hereof, upon written request of the Seller, the Master Servicer shall remit to the Trustee all amounts (net of investment earnings and providing for investment losses pursuant to Section 10.8(b), net of the Master Servicing Fee and net of amounts reimbursable for Delinquency Advances and Servicing Advances) then on deposit in the Principal and Interest Account for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for which deposit shall be deemed to have occurred immediately preceding such Remittance Datepurchase.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Access Financial Lending Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The Bank of New York, as Trustee on behalf of the Owners of the Nationstar Home Equity Loan Trust 2007-A Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the applicable Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all principal Prepayment Charges collected on and interest collections on the Mortgage Loans received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Arrearages, if any, unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Arrearages, unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a), (b) and (c) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Nationstar Home Equity Loan Trust 2007-A)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2005-C Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and one for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2005-C)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2002-C Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the Certificatesother for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-C)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: JPMorgan Chase Bank, National Association, as Trustee on behalf of the Owners of the N Home Equity Loan Trust 2006-A Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, (x) all principal Trust Prepayment Charges collected on and interest collections on the Mortgage Loans received after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, and (y) all principal collected and interest due on the Home Equity Loans (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Sections 8.09(a) and (b) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2006-A)
Principal and Interest Account. (a) The Servicer and/or each Sub-Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, the Seller Sponsor and/or the Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans scheduled payments of principal and interest due and received, and all Prepayments received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeServicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The amount of any losses on investments in the Principal and Interest Account, to the extent not offset by earnings on other investments held therein, shall be deposited in the Principal and Interest Account by the Servicer promptly upon the recognition of such net losses.
(c) The Servicer shall deposit to the Principal and Interest Account all payments of principal and interest collections on the Mortgage Loans received (including Prepaid Installments) due after the Cut-Off Date, including any Prepayments and Net Liquidation ProceedsProceeds collected after the Cut-Off Date, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account Account, amounts on account of net investment losses and any condemnation proceeds, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, and (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Loan plus any (B) accrued and unpaid interest thereon through on such Mortgage Loan at the Remittance Period Coupon Rate (net of any Servicing Fee) to the date of such liquidation. Amounts described in which clause (ii) of the liquidation occurredpreceding sentence shall be retained by the Servicer as additional servicing compensation or paid over to the related Mortgagor if required by law.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the each Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) 8.9 hereof for unrecovered Delinquency Advances and Servicing any unreimbursed Reimbursable Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each monthRemittance Date, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report a report, in print and/or electronic form, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Servicer and the Trustee from time to time. The Trustee shall have no duty or obligation with respect to the accuracy of the information contained in the report referred to in this Section 8.8(d)(ii).
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for all amounts then on deposit in the Principal and Interest Account which relate to collections on or with respect to the Certificate Mortgage Loans with respect to the immediately preceding Remittance Period, including the amount of any Delinquency Advance, any Compensating Interest, Loan Purchase Prices and Substitution Amounts; such amount being the "Monthly Remittance Amount."
(e) The Servicer shall furnish the Trustee monthly statements of the Principal and Interest Account, if it is not held by the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateTrustee.
(ivf) On each Remittance DateNotwithstanding any other provisions of this Agreement, the Servicer shall remit be entitled to reimburse itself for any previously unreimbursed expense otherwise reimbursable pursuant to the Trustee terms of this Agreement, including, but not limited to, any Delinquency Advance, any Servicing Advance, and any Liquidation Expense, that the Servicer determines (as evidenced by wire transfer or an Officer's Certificate) to be otherwise make funds available in immediately available funds for nonrecoverable by withdrawal from the Principal and Interest Account of amounts on deposit therein attributable to any of the Mortgage Loans on any Business Day prior to the Certificate Account, Payment Date succeeding the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for date of any such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositdetermination.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Equivantage Acceptance Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-3)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer Insurer, as their interests may appear, and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on On the Startup Day, Day the Seller Sponsor and/or the Master Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans which relate to or are received on or after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received on or after the Cut-Off Date, Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.X.
(ii) On the Determination Date tenth day of each month, the Master Servicer shall send to the Trustee and a report, in the Oversight Agent the Monthly Exception Report form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and tape shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Master Servicer and the Trustee from time to time.
(iii) On each Remittance Date, Date the Master Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds funds, (x) for deposit to the Certificate AccountGroup I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (y) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, andAmount.
(e) To the extent that the ratings, if any, then assigned to the Trustee unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer, ▇▇▇▇▇'▇ and Standard & Poor's, then the requirement to maintain the Principal and Interest Account may be waived by an instrument signed by the Certificate Insurer, Standard & Poor's and ▇▇▇▇▇'▇, and the Oversight Agent are not Master Servicer may be allowed to co-mingle with its general funds the same Personamounts otherwise required to be deposited to the Principal and Interest Account, shall provide on such terms and subject to such conditions as the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositCertificate Insurer, ▇▇▇▇▇'▇ and Standard & Poor's may permit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1996-3)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish and maintain at one or more Designated Depository Institutions in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Insurer, as their interests may appear, a Principal and Interest Account. The funds held in establishment of the Principal and Interest Account shall not be commingled with any other fundsevidenced by the Master Servicer's delivery of a notice in the form of Exhibit B hereto, properly completed. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts of principal and accrued interest related to the Mortgage Loans into in each such Mortgage Loan Group to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesCertificates and the Certificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The With respect to the Mortgage Loans and subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal collected and interest collections accrued on the Mortgage Loans received or after the Initial Cut-Off Date, related Subsequent Cut-Off Date or Replacement Cut-Off Date including any Prepayments and Prepaid Installments, Prepayments, Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage LoansMaster Servicer, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the such Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation due to the Master Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date (iii) interest due accruing on the related Mortgage Loans on or prior to the Initial Cut-Off Date, Subsequent Cut-Off Date or Replacement Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of the Loan Balance of the related Mortgage Loan plus any and accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredthereon.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A1) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B2) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(C3) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account, if such investment earnings have been deposited in the Principal and Interest Account;
(D4) to withdraw amounts that have been deposited to the a Principal and Interest Account in error; and;
(E5) to clear and terminate the each Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofX; and
(6) to invest in Eligible Investments.
(ii) On the Determination Date tenth day of each month, the Master Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and tape shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Master Servicer and the Trustee from time to time. The Certificate Insurer shall have the right to request this computer tape upon providing 3 Business Days written notice to the Master Servicer. Upon any change in the format of the electronic medium maintained by the Master Servicer in respect of the Mortgage Loans, the Master Servicer shall deliver a copy of such electronic medium to the Trustee.
(iii) On each Remittance Date, Date the Master Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available transfer in immediately available funds for deposit to in the Certificate AccountAccount the amounts specified in Section 7.5(a) of this Agreement, (A) for Group I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (B) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, andAmount.
(e) To the extent that the ratings, if any, then assigned to the Trustee unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Certificate Insurer and each Rating Agency, then the requirement to maintain the Principal and Interest Account and deposit of principal collections and accrued interest may be waived by an instrument signed by the Certificate Insurer and each Rating Agency, and the Oversight Agent are not Master Servicer may be allowed to co-mingle with its general funds the same Personamounts otherwise required to be deposited to the Principal and Interest Account, shall provide on such terms and subject to such conditions as the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositCertificate Insurer and each Rating Agency may permit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the name "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "________________, as Indenture Trustee in trust for the registered holders of Centex Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Trust for Ownership Interest, as their interests may appear, Series 200_-__ Principal and Interest Account." If the benefit of the Owners of the Certificates and the Certificate Insurer and maintain institution at one or more Designated Depository Institutions any time holding the Principal and Interest AccountAccount ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. The funds held in If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held and invested as set forth in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earningsSection 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan sum of (a) the Principal Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (b) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
Servicer; (B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
; (DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan); (E) Nonrecoverable Advances; and (F) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
IX; (iii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountIndenture Trustee, the Group I Interest Remittance Amount Depositor and the Group I Principal Remittance Amount for such Remittance Date.
Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to inform the Indenture Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Insurer on each Monthly Remittance Date, andwith respect to each Home Equity Group, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Principal Balance of the Home Equity Loan having the largest Principal Balance as of such depositdate.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of each Series of the Certificates Notes and the Certificate Note Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, below on the Startup DayClosing Date, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesNotes. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeAccount. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 4.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Indenture Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a4.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX V hereof.
(ii) On the Determination Date of each month, commencing in July 1998, the Servicer shall send to the Indenture Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 4.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Note Insurer and the Indenture Trustee from time to time.
(iii) On each Remittance Date, commencing in July 1998 the Servicer shall remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Adjustable Rate Note Account, the Group I Adjustable Rate Interest Remittance Amount for such Remittance Date and the Group I Adjustable Rate Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, commencing in July 1998 the Servicer shall remit to the Indenture Trustee by wire transfer transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Fixed Rate Note Account, the Group II Fixed Rate Interest Remittance Amount for such Remittance Date and the Group II Fixed Rate Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (First Alliance Mortgage Loan Trust 1998-2)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: ____________________, on behalf of __________________ as Indenture Trustee in trust for the benefit of the Owners of the AMRESCO Residential Securities Corporation Adjustable Rate Mortgage Loan Asset Backed Notes, Series 199__-__ and the Note Insurer. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Mortgage Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Mortgage Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance Daterelated Servicing Fees;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 4.09(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.V.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Note Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Indenture Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Note Insurer, a monthly servicing report containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Mortgage Loans, scheduled principal and interest that was due on the Mortgage Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Mortgage Loans. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Indenture Trustee and the Oversight Agent are not Note Insurer in writing on each Monthly Reporting Date, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Mortgage Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailIndenture Trustee in writing the information described in Section 4.08(d)(ii)(b) of and in Section 4.09(b) to enable the amount of such depositIndenture Trustee to perform its reporting requirements under Section 3.09.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Amresco Residential Securities Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Bank One, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2001-C Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the Certificatesother for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on within one Business Day following the Startup Day, the Seller Company and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, commencing in ____________________ the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(id) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, commencing in ___________________________ the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, (x) for Group I, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount and (y) for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountGroup II, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositAmount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Co /De/)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates Noteholders and the Certificate Insurer Note Insurer, as their interests may appear, and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) belowWithin one Business Day of the Closing Date, on the Startup Dayeach Subsequent Transfer Date and each Transfer Date, the Seller Sponsor and/or the Master Servicer shall deposit into to the Principal and Interest Account all receipts related to the related Mortgage Loans which relate to or are received on or after the Cut-Off Date or the Subsequent Cut-Off Date, as the case may be.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust the Trust in the name of the Trust and for the benefit of the Owners of Noteholders and the CertificatesNote Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Master Servicer and may only be withdrawn from the Principal and Interest Account by the Master Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amounts by the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. Any investment losses are at the expense of the Master Servicer and shall be replaced on or prior to the Remittance Date.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received on or after the Cut-Off Date, Date or related Subsequent Cut-Off Date including any Prepaid Installments, Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 4.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, (iii) interest due accruing on the related Mortgage Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredLoan.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A1) to effect the timely remittance to the Indenture Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount Amounts due on the Remittance Date;
(B2) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered unreimbursed Delinquency Advances and Servicing Advances and Nonrecoverable Advances;
(C3) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D4) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E5) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofX of the Indenture.
(ii) On the Determination Date tenth day of each month, the Master Servicer shall send to the Indenture Trustee and a report, in the Oversight Agent the Monthly Exception Report form of a computer tape, detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and tape shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer Master Servicer and the Indenture Trustee from time to time. The Note Insurer shall have the right to request this computer tape upon providing 3 Business Days written notice to the Master Servicer.
(iii) On each Remittance Date, Date the Master Servicer shall remit to the Indenture Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit in the Note Account pursuant to Section 8.7(a) of the Certificate AccountIndenture, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance DateAmount.
(ive) On each Remittance DateTo the extent that the ratings, if any, then assigned to the unsecured debt of the Master Servicer or of the Master Servicer's ultimate corporate parent are satisfactory to the Note Insurer, the Indenture Trustee, Mood▇'▇ ▇▇▇ Standard & Poor's, then the requirement to maintain the Principal and Interest Account may be waived by an instrument signed by the Note Insurer, Standard & Poor's, Indenture Trustee, and Mood▇'▇, ▇▇d the Master Servicer shall remit may be allowed to co-mingle with its general funds the amounts otherwise required to be deposited to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Principal and Interest Account, on such terms and subject to such conditions as the Group II Interest Remittance Amount and Note Insurer, the Group II Principal Remittance Amount for such Remittance DateIndenture Trustee, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositMood▇'▇ ▇▇▇ Standard & Poor's may permit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Advanta Conduit Receivables Inc)
Principal and Interest Account. (a) The Servicer shall establish an account, which includes three separate subaccounts into which amounts in respect of each Group will be separately deposited and maintained (the name "Principal and Interest Account"). The Principal and Interest Account shall be an Eligible Account. The Principal and Interest Account shall be titled: "________________, as Indenture Trustee in trust for the registered holders of Centex Home Equity Loan Asset-Backed Notes and the Insurer, and as Paying Agent for the Transferor in respect of the Trust for Ownership Interest, as their interests may appear, Series 200_-__ Principal and Interest Account." If the benefit of the Owners of the Certificates and the Certificate Insurer and maintain institution at one or more Designated Depository Institutions any time holding the Principal and Interest AccountAccount ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. The funds held in If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held and invested as set forth in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earningsSection 5.06 hereof.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan sum of (a) the Principal Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (b) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) and (c) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Group, only in the following priority and for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 3.04 for unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan);
(E) Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.IX;
(iii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Distribution Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountIndenture Trustee, the Group I Interest Remittance Amount Depositor and the Group I Principal Remittance Amount for such Remittance Date.
Insurer, a monthly servicing report, with respect to each Home Equity Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to inform the Indenture Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Insurer on each Monthly Remittance Date, andwith respect to each Home Equity Group, if of the Trustee amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Oversight Agent are not Principal Balance of the same Person, Home Equity Loan having the largest Principal Balance as of such date.
(ii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailIndenture Trustee the information described in Section 3.03(d)(i)(b) of and in Section 5.03 to enable the amount of such depositIndenture Trustee to perform its reporting requirements under Section 5.03 and to make the allocations and disbursements set forth in Sections 5.01 and 5.04.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection (c) below, the Servicer shall deposit all receipts related to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing 203968.5d 72 compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1999-2)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at maintained one or more Designated Depository Institutions the Principal and Interest Accounts (including for each such account two (2) subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest-bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled "CapitalSource Finance LLC, as Servicer, in trust for the Hedge Counterparties and the registered holders of CapitalSource Commercial Loan Trust Notes, Series 2003-2 Class A, Class B, Class C, Class D and Class E Notes." All funds in such Principal and Interest Accounts not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The funds held creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder or Hedge Counterparty. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall deposit without duplication (within two (2) Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collections Account and Principal Collections into the Principal Collection Account):
(i) all Principal Collections accruing and received on or after the applicable Cut-Off Date;
(ii) all Interest Collections accruing and received on or after the tenth day of the month of the Closing Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any related Collateral or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all Released Mortgaged Property Proceeds and any other proceeds from any other Collateral securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account shall not be commingled pursuant to Section 5.10 or Section 7.03; and
(viii) the amount of any gains and interest incurred in connection with any other funds. Subject to Subsection investments in Permitted Investments.
(c) below, the The Servicer shall deposit all receipts related have no obligation to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Dateany Retained Interest or Released Amounts.
(bd) Not later than the close of business on each Determination Date immediately preceding a Remittance Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any investment Scheduled Payment in respect of funds which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Account Accounts shall mature or be withdrawable at par on or prior exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments with respect to the immediately succeeding Remittance Date. All funds Servicing Fee, together with the Liquidation Expenses, may not be deposited by the Servicer in the Principal and Interest Account may only Account.
(g) So long as no Servicer Default shall have occurred and be held (i) uninvestedcontinuing, up to and consistent with any requirements of the limits insured by Code, the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Accounts shall either be maintained with an Eligible Deposit Account as an interest-bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a stated maturity (giving effect to any applicable grace period) no later than the fourth (4th) Business Day immediately preceding the Remittance Date next following the Due Period in which the date of investment occurs; provided, however, that Permitted Investments shall not include any interest-only security, any security purchased at a price in excess of 100% of par or any security whose repayment is subject to substantial non-credit related risk as determined by the Servicer. All Permitted Investments must be held in trust by or registered in the name of the Trust and "CapitalSource, as Servicer, in trust for the benefit Hedge Counterparties and the registered holders of the Owners of the Certificates. CapitalSource Commercial Loan Trust Notes, Series 2003-2." Any investment earnings Investment Interest Earnings on funds held in the Principal and Interest Account shall be for the account deemed part of the Servicer Interest Collection Account and may only shall be withdrawn from the Principal deposited therein pursuant to Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Remittance Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in Permitted Investments shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer its own funds immediately as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredrealized without reimbursement therefor.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates cause to be established and the Certificate Insurer and maintain at maintained one or more Designated Depository Institutions the Principal and Interest Accounts (including for each such account two subaccounts, one designated as the Interest Collection Account and the other designated as the Principal Collection Account), in one or more Eligible Deposit Accounts, in the form of time deposit or demand accounts, which may be interest–bearing or such accounts may be trust accounts wherein the moneys therein are invested in Permitted Investments, titled “CapitalSource Finance LLC, as Servicer, in trust for the registered holders of CapitalSource Commercial Loan Trust 2007-1 Notes, Class A, Class B, Class C, Class D, Class E Notes and Class F Notes.” All funds in such Principal and Interest Account not so invested shall be insured to the extent and the amount permitted by the BIF or SAIF of the FDIC to the maximum extent provided by law. The funds held creation of any Principal and Interest Account shall be evidenced by a letter agreement in the form of Exhibit E hereto. A copy of such letter agreement shall be furnished to the Indenture Trustee, the Owner Trustee and, upon request, any Securityholder. The Servicer may, upon written notice to the Indenture Trustee, transfer any Principal and Interest Account to a different Eligible Deposit Account.
(b) The Servicer and each Subservicer shall deposit without duplication (within two Business Days of receipt thereof) in the applicable Principal and Interest Account and retain therein the following amounts received by the Servicer (and shall segregate and deposit Interest Collections into the Interest Collection Account and Principal Collection into the Principal Collection Account):
(i) all Principal collection accruing and received on or after the applicable Cut–Off Date;
(ii) all Interest Collections accruing and received on or after the applicable Cut–Off Date (net of the Servicing Fee with respect to each Loan and other servicing compensation payable to the Servicer as permitted herein) and all origination and commitment fees;
(iii) all Net Liquidation Proceeds (other than Insurance Proceeds covered under clause (iv) below);
(iv) all Insurance Proceeds (other than amounts to be applied to restoration or repair of any Related Property or amounts in excess of the Outstanding Loan Balance of the related Loan to be released to the Obligor in accordance with the Credit and Collection Policy);
(v) all proceeds from any other Related Property securing the Loans (other than amounts released to the Obligor in accordance with the Credit and Collection Policy);
(vi) any amounts paid in connection with the purchase or repurchase of any Loan;
(vii) any amount required to be deposited in the Principal and Interest Account shall not be commingled pursuant to Section 5.10 or Section 7.03; and
(viii) the amount of any gains and interest incurred in connection with any other funds. Subject to Subsection investments in Permitted Investments.
(c) below, the The Servicer shall deposit all receipts related have no obligation to the Mortgage Loans into the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Dateany Retained Interest or Released Amounts.
(bd) Not later than the close of business on each Determination Date immediately preceding a Payment Date, the Servicer will remit to the Principal and Interest Account any Scheduled Payment Advance that the Servicer determines to make.
(e) Notwithstanding Section 7.03(b), if (i) the Servicer makes a deposit into the Principal and Interest Account in respect of a Collection of a Loan in the Loan Pool and such Collection was received by the Servicer in the form of a check that is not honored for any reason, or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Principal and Interest Account to reflect such dishonored check or mistake. Any investment Scheduled Payment in respect of funds which a dishonored check is received shall be deemed not to have been paid.
(f) The foregoing requirements for deposit in the Principal and Interest Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, Liquidation Expenses may not be deposited by the Servicer in the Principal and Interest Account.
(g) So long as no Servicer Default shall have occurred and be continuing, and consistent with any requirements of the Code, the Principal and Interest Account shall mature either be maintained with an Eligible Deposit Account as an interest–bearing account meeting the requirements set forth in Section 7.03(a), or the funds held therein may be withdrawable at par on or prior invested by the Servicer (to the extent practicable) in Permitted Investments, as directed in writing by the Servicer, and, in each case, with a stated maturity (giving effect to any applicable grace period) no later than the fourth Business Day immediately succeeding Remittance Datepreceding the Payment Date next following the Due Period in which the date of investment occurs. All funds in the Principal and Interest Account may only Permitted Investments must be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust registered in the name of the Trust and “CapitalSource, as Servicer, in trust for the benefit registered holders of the Owners of the Certificates. CapitalSource Commercial Loan Trust 2007-1 Notes.” Any investment earnings Investment Interest Earnings on funds held in the Principal and Interest Account shall be for the account deemed part of the Servicer Interest Collection Account and may only shall be withdrawn from the Principal deposited therein pursuant to Section 7.03 and Interest Account by the Servicer distributed on the second Business Day of the month for the investment earnings for the previous calendar monthnext Payment Date pursuant to Section 7.05. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all any losses on incurred in connection with the investment of funds in the Principal and Interest Account upon request from the Trustee. Any references herein to amounts on deposit in Permitted Investments shall be deposited in the Principal and Interest Account shall refer to amounts net of investment earningsby the Servicer from its own funds immediately as realized without reimbursement therefor.
(c) The Servicer shall deposit to the Principal and Interest Account all principal and interest collections on the Mortgage Loans received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Loans received by the Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(ih) The Servicer may (and, for the purposes of clause (ii) below, shall), at any time upon one Business Day’s notice to the Indenture Trustee, make withdrawals from the Principal and Interest Account only for the following purposes:
(Ai) to effect the timely remittance remit to the Indenture Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Business Day preceding each Payment Date, for deposit in the Note Distribution Account, the Interest Collections and Principal Collections received during the immediately preceding Due Period;
(Bii) prior to a Servicer Default, and subject to Section 5.02(p), to reimburse itself pursuant for any unreimbursed Servicing Advances to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit the extent deposited in the Principal and Interest AccountAccount (and not netted from Scheduled Payments received from the related Loans);
(Diii) to withdraw amounts any amount received from an Obligor that have been is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the ▇▇▇▇▇▇ ▇▇▇▇▇▇ Bankruptcy Code in accordance with a final, nonappealable order of a court having competent jurisdiction;
(iv) to make investments in Permitted Investments;
(v) to withdraw any funds deposited to in the Principal and Interest Account that were not required or permitted to be deposited therein or were deposited therein in error;
(vi) prior to a Servicer Default, to pay itself certain additional servicing compensation as permitted under Section 5.11(b) of the Agreement;
(vii) prior to (A) a payment default on the related Loan (and in the case of Asset Based Revolvers, a payment default shall mean any failure to make a payment on the date such payment is due and such failure continues for more than one calendar day), (B) a Servicer Default or (C) an Event of Default, to advance to an Obligor in a given Due Period prior to the last day of such Due Period an amount not to exceed the Principal Collections received from such Obligor during that Due Period;
(viii) from the Principal Collection Account to purchase Substitute Loans as contemplated by Section 2.04(a) to the extent funds have been deposited by the Originator for such purpose pursuant to Section 2.04(a)(i)(B); and
(Eix) to clear and terminate the Principal and Interest Account following upon the termination of the Trust Estate pursuant to Article IX hereofthis Agreement.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account, which shall be an Eligible Account. The funds held in Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: Bank One, National Association, as Trustee on behalf of the Owners of the Centex Home Equity Loan Trust 2002-A Home Equity Loan Asset-Backed Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled with any other fundsheld as a trust account at the Corporate Trust Office of the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Owners. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to Group I and the Certificatesother for Group II and any Trust assets allocable to Group II. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account no later than the second Business Day after receipt, all principal collected and interest collections due on the Mortgage Home Equity Loans received (net of the Servicing Fee related to such Home Equity Loans) on and after the Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Remittance Period related Servicing Fee) plus (C) any unrecovered Cram Down Losses, (ii) reimbursements for unreimbursed Delinquency Advances and unreimbursed Servicing Advances (but in each case solely from amounts received on the related Home Equity Loan) as provided in Section 8.09 and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid.
(id) The Servicer may make withdrawals from the Principal and Interest Account only Account, with respect to each Home Equity Loan Group, for the following purposes:
(A) on each Monthly Remittance Date, to effect pay itself the timely remittance related Servicing Fees to the Trustee of extent such Servicing Fees are not retained by the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateServicer;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself for unreimbursed Delinquency Advances and for unreimbursed Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan) as provided in Section 8.09;
(E) to reimburse itself pursuant to Section 8.09(a) for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(iie) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Periodi) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Remittance Period not later than the related Monthly Remittance Date, and (ii) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Depositor, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(f) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(e)(ii) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee to perform its reporting requirements under Section 7.09 and to make the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositallocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002-A)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1997-1 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance Daterelated Servicing Fees;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09
(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1997-1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held Chase Manhattan Bank, as Indenture Trustee in trust for the benefit of the Owners of the IMC Adjustable Rate Home Equity Loan Asset Backed Notes, Series 1997-8. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the Certificates. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurred.
(i) The Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.Home Equity
Appears in 1 contract
Sources: Sale and Servicing Agreement (Imc Home Equity Loan Owner Trust 1997-8)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of March 1, 1999." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of and the CertificatesCertificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received received, and after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account all interest accrued after February 28, 1999, but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereofhereof (exclusive of any portion of the Servicing Fee to be used to pay any Back-Up Servicer Fee), (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans collected on or prior to the Cut-Off Date and interest accrued on or prior to February 28, 1999, (iviii) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee (exclusive of any portion of the Servicing Fee to be used to pay any Back-Up Servicer Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to the Home Equity Loans, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Dateany Home Equity Loans that had accrued for periods prior to March 1, 1999;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateCertificate Insurer a monthly servicing report, with respect to the Home Equity Loans, containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date with respect to the same Person, Home Equity Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) and in Section 7.09(c) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: "Manufacturers and Traders Trust Company, as Trustee under the Pooling and Servicing Agreement dated as of June 1, 1999." If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee, the Master Servicer, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of and the CertificatesCertificate Insurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans due and received after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) collected and interest due on the related Mortgage Loans and received on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (A) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (B) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (C) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid (all such net amounts being herein referred to as the liquidation occurred"Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to the Home Equity Loans, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for unrecovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Report Date, deliver to the Certificate AccountMaster Servicer, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateCertificate Insurer a monthly servicing report, with respect to the Home Equity Loans, containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans as may reasonably be requested by the Master Servicer. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate AccountMaster Servicer, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date with respect to the same Person, Home Equity Loans of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) and in Section 7.09(c) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The funds held in Chase Manhattan Bank, as Trustee on behalf of the Owners of the IMC Home Equity Loan Trust 1998-1 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection subsection (c) below, the Servicer shall deposit all receipts required pursuant to subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Monthly Excess Interest Amount included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance DateServicing Fee;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09
(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate AccountTrustee, a monthly servicing report, containing (without limitation) the Group I Interest Remittance Amount following information: principal and interest collected in respect of the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance DateHome Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit inform the Trustee on each Monthly Reporting Date of the amounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period.
(iii) The Servicer shall provide to the Trustee by wire transfer or otherwise make funds available the information described in immediately available funds for deposit Section 8.08(d)(ii)(b) and in Section 7.09(b) to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if enable the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such depositto perform its reporting requirements under Section 7.09.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Imc Home Equity Loan Trust 1998-1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: [Name of Trustee], as Trustee under the Pooling and Servicing Agreement dated as of __________ 1, 199_. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall, within 30 days, be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested (up to the related Mortgage Loans received after limits insured by the Cut-Off Date.
FDIC) or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Trustee for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal collections on the Home Equity Loans received, and interest collections on the Mortgage Home Equity Loans received accrued after the Cut-Off Date, Date including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Home Equity Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due collected and interest accrued on the related Mortgage Loans any Home Equity Loan on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan plus any immediately prior to liquidation, (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the Servicing Fee) to the date of such liquidation, and (III) any Realized Losses incurred during the related Remittance Period Period, (iv) reimbursements for Delinquency Advances and (v) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the amounts on deposit in the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only in the following priority and for the following purposes:
(A) to effect the timely remittance withdraw interest paid with respect to any Home Equity Loans that had accrued for periods prior to the Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Cut-Off Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(C) to reimburse itself pursuant to Section 8.09(a) for un- recovered Delinquency Advances and Servicing Advances;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereofIX.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Remittance Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Trustee and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On Certificate Insurer a monthly servicing report, with respect to each Remittance DateHome Equity Loan Group, containing the following information: principal and interest collected, scheduled interest, Liquidated Loans, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(ii)(b) and in Section 7.09(b) to enable the Trustee to perform its reporting requirements under Section 7.09 and the Trustee shall forward such information to the Underwriters within five Business Days of the amount of such depositreceipt thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest Account to be held as a trust account. The Principal and Interest Account shall be an Eligible Account. Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: The Chase Manhattan Bank, as Trustee on behalf of MBIA Insurance Corporation and the Owners of the Asset Backed Securities Corporation Home Equity Loan Trust 1999-LB1 Home Equity Loan Pass-Through Certificates. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall thenceforth be held as a trust account with a qualifying Designated Depository Institution selected by the Trustee. The Servicer shall notify the Trustee, the Certificate Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account.
(b) All funds held in the Principal and Interest Account shall not be commingled with any other funds. Subject to Subsection held (ci) below, the Servicer shall deposit all receipts related uninvested up to the Mortgage Loans into amount insured by the Principal and Interest Account on a daily basis FDIC or (but no later than the first Business Day after receipt)ii) invested in Eligible Investments. Subject to Subsection (c) below, on the Startup Day, the Seller and/or the Servicer shall deposit into the Principal and Interest Account all receipts related to the related Mortgage Loans received after the Cut-Off Date.
(b) Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the Business Day prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of and the CertificatesCertificate Insurer. The Trust shall be divided into two separate sub-trusts; one for Group I and any Trust assets allocable to such Group I and one for Group II and any Trust assets allocable to such Group II. Any net investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount and the Prepayment Penalties with respect to the related Prepayment Period (and the Total Monthly Excess Spread included therein) by the Servicer in accordance with the terms hereof. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds amounts held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such net loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer (or, with respect to collections in June and July previously remitted to the Depositor, the Depositor) shall deposit to the Principal and Interest Account on the third Business Day after receipt by it or a Sub-Servicer, all principal and interest collections collected on the Mortgage Home Equity Loans received after the Cut-Off Date, the related Subsequent Cut-Off Date and the Replacement Cut-Off Date, as applicable, including any Prepayments received during the related Prepayment Period, Prepayment Penalties and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loansother recoveries, other recoveries Net Insurance Proceeds or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Mortgaged Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) and due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Home Equity Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds interest due on the Home Equity Loans on or prior to the extent such Net Liquidation Proceeds exceed the Loan Balance of July 1, 1999, the related Mortgage Loan plus any accrued Subsequent Cut-Off Date or the related Replacement Cut-Off Date, as the case may be, (ii) reimbursements for unreimbursed Delinquency Advances and Servicing Advances (but solely from amounts received on the related Home Equity Loan) and (iii) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Note by a Mortgagor which are subsequently returned by a depository institution as unpaid interest thereon through the Remittance Period in which the liquidation occurred(all such net amounts herein referred to as "Daily Collections").
(id) The Servicer may make withdrawals from the Principal and Interest Account Account, with respect to each Home Equity Loan Group, only for the following purposes:
(A) to effect the timely remittance remit to the Trustee of amounts to be deposited in the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance DateCertificate Account;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw net investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 8.09(a) for non-retained and unrecovered Delinquency Advances and unrecovered Servicing Advances (in each case, solely from amounts recovered on the related Home Equity Loan and to the extent deposited in the Principal and Interest Account);
(E) to reimburse itself for Nonrecoverable Advances; and
(EF) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
IX; In addition, if (iia) On the Determination Date of each month, there has been a draw on any Certificate Insurance Policy for which Long Beach or the Servicer shall send is required to reimburse the Certificate Insurer pursuant to the Insurance Agreement; (b) Long Beach or the Servicer has reimbursed the Certificate Insurer for all such amounts required by the Insurance Agreement, (c) the Certificate Insurer has paid the draw amount to the Trustee for the benefit of the Certificateholders and (d) the Servicer has received late payments on the related Home Equity Loans in respect of which such draw was made, then the Servicer may, upon notice to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (orCertificate Insurer, reimburse itself or Long Beach, as necessaryapplicable, from such late payments for the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to timedraw amount.
(iiii) On each Remittance Date, the The Servicer shall (a) remit to the Trustee for deposit in the Certificate Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Monthly Remittance Amount allocable to a Due Period not later than the related Monthly Remittance Date, and (b) on each Monthly Remittance Date, deliver to the Certificate AccountTrustee, the Group I Interest Remittance Amount Depositor and the Group I Principal Remittance Amount for such Remittance Date.
Certificate Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On the following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans and any other information requested by the Certificate Insurer (including, without limitation, a liquidation report with respect to each Remittance DateLiquidated Loan). In addition, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if inform the Trustee and the Oversight Agent are not Certificate Insurer on each Monthly Remittance Date, with respect to each Home Equity Loan Group, of the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Due Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date. The Servicer shall report to the Trustee and the Certificate Insurer on each Monthly Remittance Date (commencing in August 1999) all amounts netted against collections during the preceding Prepayment Period (or in the case of the first report, two Prepayment Periods), including, without limitation, the Servicing Fees retained, the amounts described in Section 8.08(c)(ii) and the expenses (including unreimbursed Servicing Advances and unreimbursed Delinquency Advances) retained from Liquidation Proceeds.
(ii) The Servicer shall provide on or before each Monthly Remittance Date to the Oversight Agent with written notice (by facsimile or electronic mailTrustee the information described in Section 8.08(d)(i)(b) of and in Section 7.09(b) to enable the amount of such depositTrustee to perform its reporting requirements under Sections 7.08 and 7.09 and to make the allocations and disbursements set forth in Sections 7.02 and 7.03.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Tr 1999-Lb1)
Principal and Interest Account. (a) The Servicer shall establish in the name of the Trust for the benefit of the Owners of the Certificates and the Certificate Insurer and maintain at one or more Designated Depository Institutions the Principal and Interest AccountAccount to be held as a trust account. The funds held in Each Principal and Interest Account shall be identified on the records of the Designated Depository Institution as follows: _________ ______________, as Indenture Trustee on behalf of the Owners of the Notes of the IMC Home Equity Loan Trust 19__-_ Home Equity Loan Asset-Back Notes. If the institution at any time holding the Principal and Interest Account ceases to be eligible as a Designated Depository Institution hereunder, then the Servicer shall immediately be required to name a successor institution meeting the requirements for a Designated Depository Institution hereunder. If the Servicer fails to name such a successor institution, then the Principal and Interest Account shall not thenceforth be commingled held as a trust account with any other fundsa qualifying Designated Depository Institution selected by the Indenture Trustee. The Servicer shall notify the Indenture Trustee, the Note Insurer and the Owners if there is a change in the name, account number or institution holding the Principal and Interest Account. Subject to Subsection (c) below, the Servicer shall deposit all receipts required pursuant to Subsection (c) below and related to the Mortgage Home Equity Loans into to the Principal and Interest Account on a daily basis (but no later than the first Business Day after receipt). Subject to Subsection .
(cb) below, on the Startup Day, the Seller and/or the Servicer shall deposit into All funds in the Principal and Interest Account all receipts related shall be held (i) uninvested up to the related Mortgage Loans received after amount insured by the Cut-Off Date.
FDIC or (bii) invested in Eligible Investments. Any investment investments of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Monthly Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC or (ii) invested in Eligible Investments. The Principal and Interest Account shall be held in trust in the name of the Trust and Issuer for the benefit of the Owners of the CertificatesOwners. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on immediately following the second Business Day remittance of the month for Monthly Remittance Amount (and the Total Monthly Excess Spread included therein) by the Servicer. Any investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds held in the Principal and Interest Account shall be for the account of the Servicer and promptly upon request from the Trusteerealization of such loss shall be contributed by the Servicer to the Principal and Interest Account. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings.
(c) The Servicer shall deposit to the Principal and Interest Account on the Business Day after receipt all principal and interest collections on the Mortgage Home Equity Loans received due after the Cut-Off Date, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Prices and Substitution Amounts received or paid by the Servicer with respect to the Mortgage Loans, other recoveries or amounts related to the Mortgage Home Equity Loans received by the ServicerServicer and any income from REO Properties, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Servicer as permitted by Section 8.15 hereof, (ii) principal (including Prepayments) due on the related Mortgage Loans on or prior to the Cut-Off Date, (iii) interest due on the related Mortgage Loans on or prior to the Cut-Off Date and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the sum of (I) the Loan Balance of the related Mortgage Home Equity Loan immediately prior to liquidation, plus any (II) accrued and unpaid interest thereon through on such Home Equity Loan (net of the related Servicing Fee) to the date of such liquidation and (III) any Realized Losses incurred during the related Remittance Period Period, (ii) principal and interest due (and Prepayments collected) on the Home Equity Loans on or prior to the Cut-Off Date or related Subsequent Cut-Off Date, as the case may be, (iii) reimbursements for Delinquency Advances and (iv) reimbursements for amounts deposited in the Principal and Interest Account representing payments of principal and/or interest on a Mortgage Note by a Mortgagor which the liquidation occurredare subsequently returned by a depository institution as unpaid (all such net amount herein referred to as "Daily Collections").
(i) The Servicer may make withdrawals for its own account from the Principal and Interest Account Account, only in the following priority and for the following purposes:
(A) to effect the timely remittance to the Trustee of the Group I on each Monthly Remittance Amount and Date, to pay itself the Group II Monthly Remittance Amount due on the Remittance Daterelated Servicing Fees;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(DC) to withdraw amounts that have been deposited to the Principal and Interest Account in error;
(D) to reimburse itself pursuant to Section 7.09(a) for unrecovered Delinquency Advances and for any excess interest collected from a Mortgagor; and
(E) to clear and terminate the Principal and Interest Account following the termination satisfaction and discharge of the Trust Estate pursuant to Article IX hereofNotes.
(ii) On the Determination Date of each month, the The Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Perioda) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Indenture Trustee for deposit in the Note Account by wire transfer, or otherwise make funds available in immediately available funds for deposit funds, without duplication, the Daily Collections allocable to a Remittance Period not later than the related Monthly Remittance Date and Loan Purchase Prices and Substitution Amounts two Business Days following the related purchase or substitution, and (b) on each Monthly Reporting Date, deliver to the Certificate Account, the Group I Interest Remittance Amount Indenture Trustee and the Group I Principal Remittance Amount for such Remittance Date.
Note Insurer, a monthly servicing report, with respect to each Home Equity Loan Group, containing (ivwithout limitation) On each Remittance Datethe following information: principal and interest collected in respect of the Home Equity Loans, scheduled principal and interest that was due on the Home Equity Loans, relevant information with respect to Liquidated Loans, if any, summary and detailed delinquency reports, Liquidation Proceeds and other similar information concerning the servicing of the Home Equity Loans. In addition, the Servicer shall remit to inform the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Indenture Trustee and the Oversight Agent are not Note Insurer on each Monthly Reporting Date the same Personamounts of any Loan Purchase Prices or Substitution Amounts so remitted during the related Remittance Period, and of the Loan Balance of the Home Equity Loan having the largest Loan Balance as of such date.
(iii) The Servicer shall provide to the Oversight Agent with written notice (by facsimile or electronic mailIndenture Trustee the information described in Section 7.08(d)(ii)(b) of and in Section 6.09(b) to enable the amount of such depositIndenture Trustee to perform its reporting requirements under Section 6.09.
Appears in 1 contract
Sources: Indenture (Imc Securities Inc)
Principal and Interest Account. (a) The Master Servicer and/or each Sub-Servicer, as applicable, shall establish in the name of the Trust for the benefit of the Owners of the Certificates Noteholders and the Certificate Insurer and maintain at 34 39 one or more Designated Depository Institutions the Principal and Interest Account. The funds held in the Principal and Interest Account shall not , which may be commingled separate accounts or a single account with any other fundssub-accounts. Subject to Subsection Subsections (c) and (e) below, the Master Servicer and any Sub-Servicer shall deposit all receipts related to the Mortgage Loans into to the Principal and Interest Account on a daily basis (but no later than the first second Business Day after receipt). Subject Such receipts shall include Net Liquidation Proceeds, including net recoveries from the disposition or other turning to Subsection (c) below, on account of Charged-Off Mortgage Loans. On the Startup DayClosing Date, the Seller and/or Sponsor shall cause the Master Servicer shall to deposit into within five Business Days after the Closing Date to the Principal and Interest Account all receipts related to principal and interest collected on the Mortgage Loans on and after the related Mortgage Loans received after the Cut-Off DateDates. The Master Servicer shall hold in escrow on behalf of the related Mortgagor all Prepaid Installments received by it, and shall apply such Prepaid Installments as directed by such Mortgagor and as set forth in the related Credit Line Agreement.
(b) Any investment of funds in the Principal and Interest Account shall mature or be withdrawable at par on or prior to the immediately succeeding Remittance Date. All funds in the Principal and Interest Account may only be held (i) uninvested, up to the limits insured by the FDIC FDIC, or (ii) invested in Eligible InvestmentsInvestments (as defined in the Indenture). The Principal and Interest Account shall be held in trust in the name of the Trust and for the benefit of the Owners of Noteholders and the CertificatesInsurer. Any investment earnings on funds held in the Principal and Interest Account shall be for the account of the Servicer and may only be withdrawn from the Principal and Interest Account by the Servicer on the second Business Day of the month for the investment earnings for the previous calendar month. The Servicer shall withdraw from the Principal and Interest Account, on the second Business Day of the month, investment earnings for the previous calendar month. The Servicer shall deposit into the Principal and Interest Account the amount of all losses on investment of funds in the Principal and Interest Account upon request from the TrusteeMaster Servicer. Any references herein to amounts on deposit in the Principal and Interest Account shall refer to amounts net of such investment earnings. The Master Servicer shall deposit the amount of any investment losses immediately into the Principal and Interest Account as realized.
(c) The Subject to Subsection (e) below, the Master Servicer shall deposit to the Principal and Interest Account all principal and interest collections collected on the Mortgage Loans received on or after the related Cut-Off DateDates, including any Prepayments and Net Liquidation Proceeds, all Loan Purchase Reacquisition Prices and Substitution Amounts received or paid by the Master Servicer with respect to the Mortgage Loans, Loans and other recoveries or amounts related to the Mortgage Loans received by the Master Servicer, Compensating Interest and Delinquency Advances together with any amounts which are reimbursable from the Principal and Interest Account Account, but net of (i) the Servicing Fee with respect to each Mortgage Loan and other servicing compensation to the Master Servicer as permitted by Section 8.15 4.15 hereof, (ii) principal (including Prepayments) due collected on the related Mortgage Loans on or prior to the related Cut-Off DateDates, (iii) interest due collected on the related Mortgage Loans on or prior to the related Cut-Off Date Dates and (iv) Net Liquidation Proceeds to the extent such Net Liquidation Proceeds exceed the Loan Balance of the related Mortgage Loan plus any accrued and unpaid interest thereon through the Remittance Period in which the liquidation occurredForeclosure Profits.
(i) The Master Servicer may make withdrawals from the Principal and Interest Account only for the following purposes:
(Aa) to effect the timely remittance to the Indenture Trustee of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount due on the Remittance Date;
(B) to reimburse itself pursuant to Section 8.9(a) hereof for unrecovered Delinquency Advances and Servicing Advances;
(C) to withdraw investment earnings on amounts on deposit in the Principal and Interest Account;
(D) to withdraw amounts that have been deposited to the Principal and Interest Account in error; and
(E) to clear and terminate the Principal and Interest Account following the termination of the Trust Estate pursuant to Article IX hereof.
(ii) On the Determination Date of each month, the Servicer shall send to the Trustee and the Oversight Agent the Monthly Exception Report detailing the payments on the Mortgage Loans during the prior Remittance Period (or, as necessary, the related Due Period) and certifying the amounts and purpose of withdrawals permitted pursuant to (d)(i) above from the Principal and Interest Account. Such report shall contain the specified data, as described in Section 8.26 hereof, and shall be in the form and have the specifications as may be agreed to between the Servicer, the Certificate Insurer and the Trustee from time to time.
(iii) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer, or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group I Interest Remittance Amount and the Group I Principal Remittance Amount for such Remittance Date.
(iv) On each Remittance Date, the Servicer shall remit to the Trustee by wire transfer or otherwise make funds available in immediately available funds for deposit to the Certificate Account, the Group II Interest Remittance Amount and the Group II Principal Remittance Amount for such Remittance Date, and, if the Trustee and the Oversight Agent are not the same Person, shall provide the Oversight Agent with written notice (by facsimile or electronic mail) of the amount of such deposit.
Appears in 1 contract
Sources: Sale and Servicing Agreement (Advanta Conduit Receivables Inc)