Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx-xxx-xxxx) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable: (i) the applicable Record Date and Determination Date; (ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts; (iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer; (iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses; (a) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments; (vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest; (vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall; (viii) the aggregate Certificate Principal Balance of each Class of Certificates after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal; (ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date; (x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date; (xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts; (xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date; (xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period; (xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure; (xv) the aggregate amount of Realized Losses for such Distribution Date; (xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time; (xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement. (xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;] (xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable; (xx) the number, aggregate principal balance and book value of any REO Properties; (xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; (xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate; (xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;] (xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount; (xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;] (xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;] (xxvii) [the related Senior Percentage for such Payment Date;] (xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee; (xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and (xxx) whether or not a Servicing Trigger has occurred. (xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency. (b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code. (c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code. (d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A. (e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct. (f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include: (i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission. (ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications. (iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18. (iv) The servicer compliance certificate required to be delivered pursuant Section 3.19. (g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2. (h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (SG Mortgage Securities, LLC), Pooling and Servicing Agreement (SG Mortgage Securities, LLC)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(8[__]) [__]-xxx-xxxx[____]) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date and Determination Distribution Date, and the date on which the applicable Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(av) (A) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interestinterest (including amounts payable as a portion of the Excess Cash Flow);
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities [Class A Certificates and Class M Certificates] after giving effect to the distributions on that Distribution Date;
(xiiix) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balances of Mortgage Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance Stated Principal Balances of Mortgage Loans that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any P&I Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall P&I Advances that have been reimbursed during the preceding Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, separately identifying LIBOR for such Distribution Date and the Net WAC Cap Rate Rate;
(xix) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xx) the Overcollateralization Amount and the Weighted Average Minimum Net Percentage RateRequired Overcollateralization Amount following such Distribution Date;
(xxi) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xxii) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from [_________________] due to a breach of representation or warranty;
(xxiii) [the Pass-Through Rates weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Distribution Date;]
(xxiv) the Notional Amount with respect weighted average Mortgage Rates of the Mortgage Loans after giving effect to each class of Interest Only Securities and each Subclass Notional Amountthe amounts distributed on such Distribution Date;
(xxv) [the occurrence of the Credit Support Depletion Date [Class A Basis Risk Shortfall, Class A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall, Class B Basis Risk Shortfall Carry-Forward Amount and the Accretion Termination DatePrepayment Interest Shortfalls;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;Reserved]; and
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance occurrence of the Reserve Fund after giving effect to such amounts.] Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U P to such Rating Agency (in accordance with Section 11.10) within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses [(i) and (ii) )] referred to in of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder thereunder, including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certificationsassessments.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.183.19.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.193.18.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2R-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
(i) The Trustee shall make available on the Trustee’s internet website each of the reports filed with the Commission by or on behalf of the Depositor under the Exchange Act, upon delivery of such report to the Trustee.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Phoenix Residential Securities, LLC), Pooling and Servicing Agreement (Phoenix Residential Securities, LLC)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder Holder, the Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the Stated Principal Balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are in foreclosure, (b) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Mortgage Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xi) the amount of any Insured Payment paid on such Distribution Date, the amount of any reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and the amount of the Cumulative Insurance Payments, after giving effect to any such Insured Payment or any such reimbursement payment to the Insurer;
(xii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities the Group I Loans, Group II Loans and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxiv) [the occurrence Group I Basis Risk Shortfall, Group I Basis Risk Shortfall Carry-Forward Amount, Group II Basis Risk Shortfall, Group II Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xvi) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans, Group II Loans and the Accretion Termination DateMortgage Loans in the aggregate repurchased under Section 4.07 or Section 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries on previously foreclosed loans with respect to the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the amountweighted average remaining term to maturity of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from Yield Maintenance Payments payable to the Reserve Fund Trustee on such Payment Date and the balance behalf of the Reserve Trust Fund after giving effect and any Yield Maintenance Termination Payment payable to such amounts.] the Trustee on behalf of the Trust Fund. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(e) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (RAMP Series 2005-Efc7 Trust), Pooling and Servicing Agreement (RAMP Series 2005-Nc1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) with respect to the related Due Period, (A) the number of Group I Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (B) the number of Group I Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (C) the number of Group I Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group II Basis Risk Shortfalls, the Group I Net WAC Cap Shortfalls, the Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional Amountthe Group II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group I Required Overcollateralization Amount and the Group II Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount occurrence of any payment made from the Reserve Fund on such Payment Group I Stepdown Date and the balance Group II Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Contract entered into pursuant to Section 4.11 hereof; and
(xxii) the aggregate amount of Realized Losses since the Reserve Fund after giving effect to such amounts.] Cut-off Date for the Group I Loans and the Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder Certificate or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Securities Rasc Series 2004-Ks3 Trust), Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the se▇▇▇▇▇ ▇▇▇▇▇ ▇he following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (RAMP Series 2004-Rz3 Trust), Pooling and Servicing Agreement (RAMP Series 2004-Rz3 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder Holder, and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date, Distribution Date and Determination Datethe date on which the Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage LoansLoans in the aggregate, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest, including amounts payable as excess cash flow and the disposition of the excess cash flow;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance for each Class of Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans in the aggregate at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balance of the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and Stated Principal Balance of the Mortgage Loans in the aggregate principal balance that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans in the aggregate during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value Stated Principal Balance of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxx) [the occurrence Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xxi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxii) the number and Stated Principal Balances of the Credit Support Depletion Date [and Mortgage Loans in the Accretion Termination Dateaggregate repurchased under Section 4.07 or Section 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxiii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned with respect to the TrusteeMortgage Loans in the aggregate from Residential Funding;
(xxixxxiv) the amount, weighted average remaining term to maturity of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxv) the weighted average Mortgage Rates of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract and the amount, if any, to be paid to a Derivative Counterparty part, under a Derivative Contract;
(xxvii) the amount of any Yield Maintenance Payments payable to the Trustee on behalf of the Trust Fund and any Yield Maintenance Termination Payment payable to the Trustee on behalf of the Trust Fund; and
(xxxxxviii) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance occurrence of the Reserve Fund after giving effect to such amounts.] Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iv) and (iivi) of referred to in subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K 90 Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor ▇▇▇ ▇▇▇▇▇▇▇▇▇ a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date and Determination Distribution Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities [Class A Certificates and Class M Certificates] after giving effect to the distributions on that Distribution Date;
(xiiix) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.;
(xviiixv) [the Guaranteed Distribution amount, if any, of the Hedge Payment for such Distribution Date, Date and any shortfall in amounts previously required to be paid under the respective portions thereof allocable to principal and interest Hedge Agreement for the Insured Securitiesprior Distribution Dates;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxvi) the number, aggregate principal balance and book value of any REO Properties;
(xxixvii) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixviii) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xix) [reserved];
(xx) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxi) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xxii) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxiii) [the Pass-Through Rates on number and aggregate principal balance of the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment DateMortgage Loans repurchased under Section 4.07;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxxv) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxvii) the amount, if any, of the Hedge Payment for such Distribution Date and any shortfall in amounts previously required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for prior Distribution Dates; and
(xxxxxviii) whether or not a Servicing Trigger has occurred.the occurrence of the Stepdown Date; and
(xxxixxix) [the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date and for the balance of the Reserve Fund after giving effect to such amounts.] Mortgage Loans. In the case of information furnished pursuant to clauses (iv) and (iivi) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses [(iv) and (ii) of vi)] referred to in subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreementthe Series Supplement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [Reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group II Basis Risk Shortfalls, the Group I Net WAC Cap Shortfalls, the Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional Amountthe Group II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group I Required Overcollateralization Amount and the Group II Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount occurrence of any payment made from the Reserve Fund on such Payment Group I Stepdown Date and the balance Group II Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Contract entered into pursuant to Section 4.11 hereof; and
(xxii) the aggregate amount of Realized Losses since the Reserve Fund after giving effect to such amounts.] Cut-off Date for the Group I Loans and the Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder Certificate or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04; 106
(v) the number and aggregate Stated Principal balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) with respect to the related Due Period, (A) the number of Mortgage Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (B) the number of Mortgage Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (C) the number of Mortgage Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group II Basis Risk Shortfalls, the Group I Net WAC Cap Shortfalls, the Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional Amountthe Group II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group I Required Overcollateralization Amount and the Group II Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount occurrence of any payment made from the Reserve Fund on such Payment Group I Stepdown Date and the balance Group II Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Contract entered into pursuant to Section 4.11 hereof; and
(xxii) the aggregate amount of Realized Losses since the Reserve Fund after giving effect to such amounts.] Cut-off Date for the Group I Loans and the Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that 108 substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder Certificate or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder and Holder, the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number of Mortgage Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Mortgage Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Rate, the Group II Net WAC Cap Rate, the Class M Net WAC Cap Rate, the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [, and with respect to the Class A-I-1 and Class A-II Certificates, the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] Rate for such Payment Distribution Date, separately identifying One-Month LIBOR for such Payment Distribution Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxvxii) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xiii) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the amount, if any, weighted average remaining term to be paid by a Derivative Counterparty under a Derivative Contractmaturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xvi) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date; and
(xxxxvii) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from Group I Net WAC Cap Shortfalls, the Reserve Fund on such Payment Date Group II Basis Risk Shortfalls and the balance of the Reserve Fund after giving effect to such amounts.] Class M Net WAC Cap Shortfalls. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U Q to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which 100 such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 K hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 Rule 13A-I-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) L. This Section 4.03 4.03(e) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mort Prod Inc Ramp Series 2004 Rz1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates and the Net WAC Cap Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) the amount, if applicableany, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Yield Maintenance Agreement Payment for such Distribution Date and a description of any change shortfall in amounts previously required to be paid under the calculation of those amountsYield Maintenance Agreement for prior Distribution Dates;
(xiixx) the percentage occurrence of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Stepdown Date;
(xiiixxi) the number and Pool Balance of the Mortgage Loans after giving effect amount, if any, required to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;be paid under any Derivative Contract entered into pursuant to Section 4.09 hereof; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxii) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005 EMX4 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder t▇ ▇▇▇▇ ▇▇▇▇▇▇, the Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Group I and Group II Special Hazard Amount, Group I and Group II Fraud Loss Amount and Group I and Group II Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the amount of any Insured Amount paid on such Distribution Date, the amount of any reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and (vi) and 4.02(d)(v) and (vi) and the amount of Group I and Group II Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Insurer;
(xiii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixiv) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxv) [the occurrence of Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xvi) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixvii) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxix) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xxi) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xxii) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required 97 or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder Holder, the Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the Stated Principal Balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are in foreclosure, (b) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Mortgage Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xi) the amount of any Insured Payment paid on such Distribution Date, the amount of any reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and the amount of the Cumulative Insurance Payments, after giving effect to any such Insured Payment or any such reimbursement payment to the Insurer;
(xii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities the Group I Loans, Group II Loans and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxiv) [the occurrence Group I Basis Risk Shortfall, Group I Basis Risk Shortfall Carry-Forward Amount, Group II Basis Risk Shortfall, Group II Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xvi) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans, Group II Loans and the Accretion Termination DateMortgage Loans in the aggregate repurchased under Section 4.07 or Section 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries on previously foreclosed loans with respect to the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the amountweighted average remaining term to maturity of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from Yield Maintenance Payments payable to the Reserve Fund Trustee on such Payment Date and the balance behalf of the Reserve Trust Fund after giving effect and any Yield Maintenance Termination Payment payable to such amounts.] the Trustee on behalf of the Trust Fund. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(e) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2005-Rs9 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be 107 obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans the Mortgage Loans in the aggregate and the Pool Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Group I Special Hazard Amount, Group II Special Hazard Amount, Group I Fraud Loss Amount and Group II Fraud Loss Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) with respect to the related Due Period, (i) the number of Mortgage Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (ii) the number of Mortgage Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (iii) the number of Mortgage Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xiii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiv) the Notional Amount with respect to each class of Group II Basis Risk Shortfall, Group II Basis Risk Shortfall Carry-Forward Amount, the Group I Net WAC Cap Shortfall, the Group I Net WAC Cap Shortfall Carry-Forward Amount, Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional AmountGroup II Prepayment Interest Shortfalls;
(xxvxv) [the occurrence Group I Overcollateralization Amount and Group II Overcollateralization Amount and the Group I Required Overcollateralization Amount and Group II Required Overcollateralization Amount following such Distribution Date;
(xvi) the number and aggregate principal balance of the Credit Support Depletion Date [and the Accretion Termination DateGroup I Loans or Group II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the occurrence of the Group I Stepdown Date and Group II Stepdown Date, and the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. 109 In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.. 110
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates and the Net WAC Cap Rate;
(xiii) the Class A Basis Risk Shortfall, Class A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at amount of any Net Swap Payment payable to the opening of business and as Trustee on behalf of the close Trust, any Net Swap Payment payable to the Swap Counterparty, any Swap Termination Payment payable to the Trustee on behalf of business on the applicable Distribution Date Trust and a description of any change in Swap Termination Payment payable to the calculation of those amountsSwap Counterparty;
(xiixx) the percentage occurrence of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Stepdown Date;
(xiiixxi) the number and Pool Balance of the Mortgage Loans after giving effect amount, if any, required to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;be paid under any Derivative Contract entered into pursuant to Section 4.09 hereof; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxii) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 Rule 13A-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ahl1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor ▇▇▇ ▇▇▇▇▇▇▇▇▇ a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans, Group II Loans, Group III Loans and Group IV Loans pursuant to Section 4.04;
(v) the number of Group I Loans, Group II Loans, Group III Loans and Group IV Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, the number and aggregate principal balances of Mortgage Group I Loans, Group II Loans, Group III Loans and Group IV Loans that are Delinquent (A) 30-59 daysone month, (B) 60-89 days two months and (C) 90 three or more days months and the number and aggregate principal balance of Mortgage Group I Loans, Group II Loans, Group III Loans and Group IV Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans, Group II Loans, Group III Loans and Group IV Loans incurred since the Cut-off Date;
(xi) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class number and aggregate principal balance of Interest Only Securities Group I Loans, Group II Loans, Group III Loans and each Subclass Notional AmountGroup IV Loans repurchased under Section 4.07;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the amountweighted average remaining term to maturity of the Group I Loans, if anyGroup II Loans, Group III Loans and Group IV Loans after giving effect to be paid by a Derivative Counterparty under a Derivative Contractthe amounts distributed on such Distribution Date; and
(xxxxvi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance weighted average Mortgage Rates of the Reserve Fund Group I Loans, Group II Loans, Group III Loans and Group IV Loans after giving effect to the amounts distributed on such amounts.] Distribution Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder Holder, and the Depositor a statement setting forth the following setti▇▇ ▇▇▇▇▇ ▇▇▇ ▇ollowing information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date, Distribution Date and Determination Datethe date on which the Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage LoansLoans in the aggregate, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest, including amounts payable as excess cash flow and the disposition of the excess cash flow;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefortherefore, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance for each Class of Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans in the aggregate at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balance of the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and Stated Principal Balance of the Mortgage Loans in the aggregate principal balance that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans in the aggregate during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value Stated Principal Balance of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxx) [the occurrence Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xxi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxii) the number and Stated Principal Balances of the Credit Support Depletion Date [and Mortgage Loans in the Accretion Termination Dateaggregate repurchased under Section 4.07 or Section 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxiii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned with respect to the TrusteeMortgage Loans in the aggregate from Residential Funding;
(xxixxxiv) the amount, weighted average remaining term to maturity of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxv) the weighted average Mortgage Rates of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract and the amount, if any, to be paid to a Derivative Counterparty part, under a Derivative Contract;
(xxvii) the amount of any Yield Maintenance Payments payable to the Trustee on behalf of the Trust Fund and any Yield Maintenance Termination Payment payable to the Trustee on behalf of the Trust Fund
(xxviii) the amount of any Net Swap Payment payable to the Supplemental Interest Trust Trustee on behalf of the Supplemental Interest Trust, any Net Swap Payment payable to the Swap Counterparty, any Swap Termination Payment payable to the Supplemental Interest Trust Trustee and any Swap Termination Payment payable to the Swap Counterparty; and
(xxxxxix) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance occurrence of the Reserve Fund after giving effect to such amounts.] Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iv) and (iivi) of referred to in subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2006-Sp3 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder ▇▇▇▇ ▇▇▇▇▇▇, ▇he Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Group I and Group II Special Hazard Amount, Group I and Group II Fraud Loss Amount and Group I and Group II Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the amount of any Insured Amount paid on such Distribution Date, the amount of any reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and (vi) and 4.02(d)(v) and (vi) and the amount of Group I and Group II Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Insurer;
(xiii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixiv) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxv) [the occurrence of Group I Net WAC Cap Shortfall, Group II Net WAC Cap Shortfall, Group I Net WAC Cap Carry-Forward Amount, Group II Net WAC Cap Carry-Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xvi) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixvii) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxix) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xxi) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals;
(xxii) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxiii) whether or not a Servicing Trigger has occurred.
(xxxi) [amounts paid under the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Cap Contract. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder Holder, and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date, Distribution Date and Determination Datethe date on which the Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage LoansLoans in the aggregate, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest, including amounts payable as excess cash flow and the disposition of the excess cash flow;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance for each Class of Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans in the aggregate at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balance of the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and Stated Principal Balance of the Mortgage Loans in the aggregate principal balance that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans in the aggregate during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value Stated Principal Balance of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxx) [the occurrence Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xxi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxii) the number and Stated Principal Balances of the Credit Support Depletion Date [and Mortgage Loans in the Accretion Termination Dateaggregate repurchased under Section 4.07 or Section 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxiii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned with respect to the TrusteeMortgage Loans in the aggregate from Residential Funding;
(xxixxxiv) the amount, weighted average remaining term to maturity of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxv) the weighted average Mortgage Rates of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract and the amount, if any, to be paid to a Derivative Counterparty part, under a Derivative Contract; and
(xxxxxvii) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from Yield Maintenance Payments payable to the Reserve Fund Trustee on such Payment Date and the balance behalf of the Reserve Trust Fund after giving effect and any Yield Maintenance Termination Payment payable to such amounts.] the Trustee on behalf of the Trust Fund; and
(xxviii) the occurrence of the Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iv) and (iivi) of referred to in subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Sp1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx-xxx-xxxx) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiii) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xiv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xv) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from the Seller due to a breach of representation or warranty;
(xvi) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxvii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xiixviii) the percentage of amount, if any, required to be paid under the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the number of Mortgage Loans at Hedge Agreement for prior Distribution Dates; and
(xix) the beginning and end occurrence of the preceding Collection Period;Stepdown Date; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxx) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee’s receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SG Mortgage Securities, LLC)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;; 84
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xiixix) the percentage of amount, if any, required to be paid under the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the number of Mortgage Loans at Hedge Agreement for prior Distribution Dates; and
(xx) the beginning and end occurrence of the preceding Collection Period;Stepdown Date; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxi) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks3 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a statement setting forth ▇▇▇▇▇▇▇ ▇▇▇▇▇ the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) (vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xiixix) the percentage of amount, if any, required to be paid under the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Hedge Agreements for such Distribution Date and any shortfall in amounts previously required to be paid under the number of Mortgage Loans at Hedge Agreements for prior Distribution Dates; and
(xx) the beginning and end occurrence of the preceding Collection Period;Stepdown Date; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxi) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and ▇▇▇▇ ▇▇▇▇▇▇ ▇▇d 104 the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; 105
(x) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xxiixi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Group II-A Basis Risk Shortfall, Group II-A Basis Risk Shortfall Carry- Forward Amount, Group II-B Basis Risk Shortfall, Group II-B Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable 106 period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a statement setting forth s▇▇▇▇▇▇ ▇▇▇▇▇ the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates and the Net WAC Cap Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) the amount, if applicableany, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Yield Maintenance Payment for such Distribution Date and a description of any change shortfall in amounts previously required to be paid under the calculation of those amountsYield Maintenance Agreement for prior Distribution Dates;
(xiixx) the percentage occurrence of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Stepdown Date;
(xiiixxi) the number and Pool Balance of the Mortgage Loans after giving effect amount, if any, required to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;be paid under any Derivative Contract entered into pursuant to Section 4.09 hereof; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxii) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ahl2 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the The Master Servicer shall forward to the Trustee no later than 5:00 P.M. New York time on the second Business Day prior to each Distribution Date, and the Trustee shall forward by mail or otherwise on such Distribution Date make available electronically on its via the Trustee's internet website which is presently located at https://www.tss.db.▇▇▇/▇▇▇▇, ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ unable to use this website by mail by contacting the investor relations desk at (which may be obtained by any Certificateholder by telephoning the Trustee at xxx800) 735-xxx-xxxx) 7777, to each Holder and the Depositor Depositor, a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans, Group II Loans, Group III Loans, Group IV and Group V Loans pursuant to Section 4.04;
(v) the number of Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, the number and aggregate principal balances of Mortgage Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans that are Delinquent (A) 30-59 daysone month, (B) 60-89 days two months and (C) 90 three or more days months and the number and aggregate principal balance of Mortgage Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans incurred since the Cut-off Date;
(xi) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class number and aggregate principal balance of Interest Only Securities Group I Loans, Group II Loans, Group III Loans, Group IV Loans and each Subclass Notional AmountGroup V Loans repurchased under Section 4.07;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the amountweighted average remaining term to maturity of the Group I Loans, if anyGroup II Loans, Group III Loans, Group IV Loans and Group V Loans after giving effect to be paid by a Derivative Counterparty under a Derivative Contractthe amounts distributed on such Distribution Date; and
(xxxxvi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance weighted average Mortgage Rates of the Reserve Fund Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans after giving effect to the amounts distributed on such amounts.] Distribution Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2004-Sl4 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(8[ ]) [ ]-xxx-xxxx[ ]) to each Holder Holder[, the Certificate Insurer] and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date and Determination Distribution Date, and the date on which the applicable Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(av) (A) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interestinterest (including amounts payable as a portion of the Excess Cash Flow);
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities [Class A Certificates and Class M Certificates] after giving effect to the distributions on that Distribution Date;
(xiiix) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balances of Mortgage Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance Stated Principal Balances of Mortgage Loans that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any P&I Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall P&I Advances that have been reimbursed during the preceding Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, separately identifying LIBOR for such Distribution Date and the Net WAC Cap Rate Rate;
(xix) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xx) the Overcollateralization Amount and the Weighted Average Minimum Net Percentage RateRequired Overcollateralization Amount following such Distribution Date;
(xxi) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xxii) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from [ ] due to a breach of representation or warranty;
(xxiii) [the Pass-Through Rates weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Distribution Date;]
(xxiv) the Notional Amount with respect weighted average Mortgage Rates of the Mortgage Loans after giving effect to each class of Interest Only Securities and each Subclass Notional Amountthe amounts distributed on such Distribution Date;
(xxv) [the occurrence of the Credit Support Depletion Date [Class A Basis Risk Shortfall, Class A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall, Class B Basis Risk Shortfall Carry-Forward Amount and the Accretion Termination DatePrepayment Interest Shortfalls;]
(xxvi) [the related Senior Accelerated amount, if any, of the Yield Maintenance Agreement Payment for such Distribution Percentage applicable Date and any shortfall in amounts previously required to such distributionbe paid under the Yield Maintenance Agreement for prior Distribution Dates];]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries Insured Payment paid on previously foreclosed loans from Sellers due such Distribution Date and the portion paid to a breach each Class A Certificate, the amount of a representation or warranty assigned any reimbursement payment made to the TrusteeCertificate Insurer on such Distribution Date pursuant to Section 4.02(c)(iii) and the amount of Cumulative Insurance Payments after giving effect to any such Insured Payment or any such reimbursement payment to the Certificate Insurer];
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxixxviii) [the amount of any payment made from Net Swap Payment payable to the Reserve Fund Supplemental Interest Trust Trustee on such Payment Date and the balance behalf of the Reserve Fund after giving effect Supplemental Interest Trust, any Net Swap Payment payable to such amounts.] the Swap Counterparty, any Swap Termination Payment payable to the Trustee on behalf of the Supplemental Interest Trust and any Swap Termination Payment payable to the Swap Counterparty]; and
(xxix) the occurrence of the Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U P to such Rating Agency (in accordance with Section 11.10) within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses [(i) and (ii) )] referred to in of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust FundTrust, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder thereunder, including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certificationsassessments.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.183.19.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.193.18.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2R-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
(i) The Trustee shall make available on the Trustee’s internet website each of the reports filed with the Commission by or on behalf of the Depositor under the Exchange Act, upon delivery of such report to the Trustee.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Phoenix Residential Securities, LLC)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and e▇▇▇ ▇▇▇▇▇▇, ▇▇d the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date, Distribution Date and Determination Datethe date on which the Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage LoansLoans in the aggregate, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest, including amounts payable as excess cash flow and the disposition of the excess cash flow;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefortherefore, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance for each Class of Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans in the aggregate at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balance of the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and Stated Principal Balance of the Mortgage Loans in the aggregate principal balance that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans in the aggregate during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value Stated Principal Balance of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxx) [the occurrence Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xxi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxii) the number and Stated Principal Balances of the Credit Support Depletion Date [and Mortgage Loans in the Accretion Termination Dateaggregate repurchased under Section 4.07 or Section 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxiii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned with respect to the TrusteeMortgage Loans in the aggregate from Residential Funding;
(xxixxxiv) the amount, weighted average remaining term to maturity of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxv) the weighted average Mortgage Rates of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract and the amount, if any, to be paid to a Derivative Counterparty part, under a Derivative Contract;
(xxvii) the amount of any Yield Maintenance Payments payable to the Trustee on behalf of the Trust Fund and any Yield Maintenance Termination Payment payable to the Trustee on behalf of the Trust Fund; and
(xxxxxviii) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance occurrence of the Reserve Fund after giving effect to such amounts.] Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iv) and (iivi) of referred to in subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Rs5 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and ea▇▇ ▇▇▇▇▇▇ ▇▇▇ the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date and Determination Distribution Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates and [the Senior Percentage] [each of the related Class CB and Class NB Percentages and Subordinate Class Percentage], before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities Certificates after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Due Period;
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) the amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of all Advances that have been reimbursed during the preceding Due Period;
(xvii) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xviixviii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviiixix) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured SecuritiesCertificates;]
(xixxx) [the amount of any Certificate Insurance Payment made on such Distribution Date, the amount of any reimbursement payment made to Certificate Insurer on such Distribution Date pursuant to Section [4.02(a)(xvi)] and the amount of Cumulative Insurance Payments after giving effect to any such Certificate Insurance Payment or any such reimbursement payment to the Certificate Insurer;]
(xxi) the related Subordinate Principal Payment Distribution Amount and Prepayment Payment Distribution Percentage, if applicable;
(xxxxii) the number, aggregate principal balance and book value of any REO Properties;
(xxixxiii) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixxiv) the weighted average Pool Strip Rate for such Distribution Date and the Pass-Through Rate on with respect to the Class A-V Certificates and each Class of CertificatesSubclass, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rateif any, thereof;
(xxiiixxv) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Distribution Date, separately identifying LIBOR for such Payment Distribution Date;]
(xxivxxvi) the Notional Amount with respect to each class of Interest Only Securities Certificates and each Subclass Notional Amount;
(xxvxxvii) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date];]
(xxvixxviii) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxviixxix) [the related Senior Percentage for such Payment Distribution Date;]
(xxviiixxx) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the TrusteeTrustee pursuant to Section 2.04;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Distribution Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.whole
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following ▇▇▇▇▇ ▇▇▇ ▇▇▇▇owing information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date and Determination Distribution Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities [Class A Certificates and Class M Certificates] after giving effect to the distributions on that Distribution Date;
(xiiix) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the preceding Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;; 103
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, separately identifying One-Month LIBOR for such Distribution Date and the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Overcollateralization Amount with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Required Overcollateralization Amount following such Distribution Date;
(xxvxx) [the occurrence number and aggregate principal balance of the Credit Support Depletion Date [and the Accretion Termination DateMortgage Loans repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxxii) the amountweighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxiii) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxiv) [the Class A Basis Risk Shortfall, if anyClass A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall, Class B Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;]
(xxv) the amount of any Net Swap Payment payable to be paid by a Derivative Counterparty under a Derivative Contractthe Trustee on behalf of the Trust, any Net Swap Payment payable to the Swap Counterparty, any Swap Termination Payment payable to the Trustee on behalf of the Trust and any Swap Termination Payment payable to the Swap Counterparty; and
(xxxxxvi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance occurrence of the Reserve Fund after giving effect to such amounts.] Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon 104 reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U P to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses [(i) and (ii) )] referred to in of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder thereunder, including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreementthe Series Supplement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting 105 from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder Holder, and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date, Distribution Date and Determination Datethe date on which the Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage LoansLoans in the aggregate, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest, including amounts payable as excess cash flow and the disposition of the excess cash flow;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance for each Class of Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans in the aggregate at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balance of the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and Stated Principal Balance of the Mortgage Loans in the aggregate principal balance that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans in the aggregate during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value Stated Principal Balance of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxx) [the occurrence Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xxi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxii) the number and Stated Principal Balances of the Credit Support Depletion Date [and Mortgage Loans in the Accretion Termination Dateaggregate repurchased under Section 4.07 or Section 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxiii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned with respect to the TrusteeMortgage Loans in the aggregate from Residential Funding;
(xxixxxiv) the amount, weighted average remaining term to maturity of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxv) the weighted average Mortgage Rates of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract and the amount, if any, to be paid to a Derivative Counterparty part, under a Derivative Contract;
(xxvii) the amount of any Yield Maintenance Payments payable to the Trustee on behalf of the Trust Fund and any Yield Maintenance Termination Payment payable to the Trustee on behalf of the Trust Fund;
(xxviii) the Final Maturity Reserve Fund Addition, Final Maturity Reserve Fund Shortfall, Supplemental Final Maturity Reserve Fund Amount and the amount on deposit in the Final Maturity Reserve Fund for such Distribution Date; and
(xxxxxix) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance occurrence of the Reserve Fund after giving effect to such amounts.] Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iv) and (iivi) of referred to in subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K 100 Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Rs4 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall; 107
(iv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(viiiv) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry-Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry-Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry-Forward Amount and Group I and Group II Prepayment Interest Shortfalls; 108
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.▇▇▇▇. ▇▇▇
(e▇) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2004-Rs10 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;; 106
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or a Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry-Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry-Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry-Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] amounts paid under each Yield Maintenance Agreement. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2004-Sp3)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor an▇ ▇▇▇ ▇▇▇▇▇▇▇▇r a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate, the Group II Net WAC Cap Rate and the Weighted Average Minimum Class M Net Percentage WAC Cap Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group I Basis Risk Shortfalls, Group II Basis Risk Shortfalls, Class M Basis Risk Shortfalls and Prepayment Interest Only Securities and each Subclass Notional AmountShortfalls;
(xxvxiv) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a under the Yield Maintenance Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Yield Maintenance Agreement for prior Distribution Dates;
(xx) the occurrence of the Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Counterparty under a Derivative ContractContract entered into pursuant to Section 4.09 hereof; and
(xxxxxii) whether or not a Servicing Trigger has occurred.
(xxxi) [the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks11 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Credit Risk Manager and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder Holder, and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date, Distribution Date and Determination Datethe date on which the Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage LoansLoans in the aggregate, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest, including amounts payable as excess cash flow and the disposition of the excess cash flow;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance for each Class of Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans in the aggregate at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balance of the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and Stated Principal Balance of the Mortgage Loans in the aggregate principal balance that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans in the aggregate during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value Stated Principal Balance of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Amount weighted average of the Maximum Net Mortgage Rates with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Mortgage Loans in the aggregate;
(xxvxx) [the occurrence Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xxi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxii) the number and Stated Principal Balances of the Credit Support Depletion Date [and Mortgage Loans in the Accretion Termination Dateaggregate repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxiii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned with respect to the TrusteeMortgage Loans in the aggregate from Residential Funding;
(xxiv) the weighted average remaining term to maturity of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxv) the weighted average Mortgage Rates of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxvi) [reserved];
(xxvii) the amount of any Net Swap Payment payable to the Trustee on behalf of the Trust Fund, any Net Swap Payment payable to the Swap Counterparty, any Swap Termination Payment payable to the Trustee on behalf of the Trust Fund and any Swap Termination Payment payable to the Swap Counterparty;
(xxviii) the occurrence of the Stepdown Date;
(xxix) the amount, if any, amount of payments received from the Master Servicer related to be paid by a Derivative Counterparty claims under a Derivative Contractthe Pool Policy during the related Due Period (and the number of Mortgage Loans to which such payments related) and (B) the cumulative amount of payments received related to claims under the Pool Policy since the Closing Date (and the number of Mortgage Loans to which such payments related); and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the dollar amount of any payment claims made from under the Reserve Fund on such Payment Date Pool Policy that were denied (as identified by the Master Servicer) during the Due Period (and the balance number of Mortgage Loans to which such denials related) and (B) the dollar amount of the Reserve Fund after giving effect cumulative claims made under the Pool Policy that were denied since the Closing Date (and the number of Mortgage Loans to which such amounts.] denials related). In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Rs3 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and ▇▇▇▇ ▇▇▇▇▇▇ ▇▇d the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.. 103
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ramp Series 2004-Rs4 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth stateme▇▇ ▇▇▇▇▇▇▇ ▇▇rth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate, the Group II Net WAC Cap Rate and the Subordinate Net WAC Cap Rate, and the Group I Weighted Average Minimum Maximum Net Percentage Mortgage Rate and the Group II Weighted Average Maximum Net Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group I Basis Risk Shortfalls, Group II Basis Risk Shortfalls, Subordinate Basis Risk Shortfalls, Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional AmountGroup II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreements for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreements for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.the occurrence of the Stepdown Date; and
(xxxixxi) [the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder Certificate or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2004-Ks11 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder ▇▇▇▇ ▇▇▇▇▇▇, ▇he Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are 106 Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Group II-A Basis Risk Shortfall, Group II-A Basis Risk Shortfall Carry- Forward Amount, Group II-B Basis Risk Shortfall, Group II-B Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date; 107
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals;
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any Guaranteed Distribution paid on such Distribution Date, the amount of any reimbursement payment made from to the Reserve Fund Insurer on such Payment Distribution Date pursuant to Section 4.02(c)(viii) or 4.02(d)(x) and the balance amount of the Reserve Fund Cumulative Insurance Payments after giving effect to any such amounts.] Guaranteed Distribution or any such reimbursement payment to the Insurer. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the 108 end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the The Master Servicer shall forward to the Trustee no later than 5:00 P.M. New York time on the second Business Day prior to each Distribution Date, and the Trustee shall forward by mail or otherwise on such Distribution Date make available electronically on its via the Trustee's internet website which is presently located at http://www.jpmorgan.com/sfr or fo▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇s website by mail by contacting the investor relations desk at (which may be obtained by any Certificateholder by telephoning the Trustee at xxx877) 722-xxx-xxxx) 1095, to each Holder and the Depositor an▇ ▇▇▇ ▇▇▇▇▇▇▇▇r, a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans, that are Delinquent (A) 30-59 daysone month, (B) 60-89 days two months and (C) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans, that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans, incurred since the Cut-off Date;
(xi) the Special Hazard Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class number and aggregate principal balance of Interest Only Securities Group I Loans and each Subclass Notional AmountGroup II Loans repurchased under Section 4.07;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the weighted average remaining term to maturity of the Group I Loans and Group II Loans, after giving effect to the amounts distributed on such Distribution Date;
(xvi) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xvii) the weighted average of the Maximum Net Mortgage Rates on the Group I Loans and the Group II Loans;
(xviii) the Group I Net WAC Cap Shortfall, Group II Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry-Forward Amount, Group II Net WAC Cap Shortfall Carry-Forward Amount and any Prepayment Interest Shortfalls; 113
(xix) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date; and
(xx) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K K. Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2005-Sp2 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and ▇▇▇▇ ▇▇▇▇▇▇ ▇▇d the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number of Mortgage Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of the Certificates or each Component, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (a) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (b) the number and aggregate principal balances of Mortgage Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Mortgage Loans that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Mortgage Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Mortgage Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Mortgage Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Class A-I Net WAC Cap Rate, Class A-II Net WAC Cap Rate and the Class M Net WAC Cap Rate;
(xii) the weighted average of the Maximum Net Mortgage Rates on the Mortgage Loans;
(xiii) the Class A-I Net WAC Cap Shortfall, Class A-I Net WAC Cap Shortfall Carry-Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall Carry- Forward Amount and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of Mortgage Loans repurchased under Section 4.07 or Section 4.08;
(xvi) the aggregate amount of any recoveries on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description aggregate of any change in deposits to and withdrawals from the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Reserve Fund for such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xiv) remaining amount on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants deposit in the Agreement.
(xviii) [the Guaranteed Distribution for Reserve Fund after such Distribution Date, deposits and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicablewithdrawals;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract;
(xxi) the aggregate amount of Deferred Interest added to the Stated Principal Balance of the Mortgage Loans; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2004-Sp1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) with respect to the related Due Period, (A) the number of Mortgage Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (B) the number of Mortgage Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (C) the number of Mortgage Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group II Basis Risk Shortfalls, the Group I Net WAC Cap Shortfalls, the Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional Amountthe Group II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group I Required Overcollateralization Amount and the Group II Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount occurrence of any payment made from the Reserve Fund on such Payment Group I Stepdown Date and the balance Group II Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Contract entered into pursuant to Section 4.11 hereof; and
(xxii) the aggregate amount of Realized Losses since the Reserve Fund after giving effect to such amounts.] Cut-off Date for the Group I Loans and the Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder Certificate or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and ▇▇▇▇ ▇▇▇▇▇▇ ▇▇d the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:: 106
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date; 107
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2004-Rs6 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and ▇▇▇▇ ▇▇▇▇▇▇ ▇▇d the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Group II-A Basis Risk Shortfall, Group II-A Basis Risk Shortfall Carry- Forward Amount, Group II-B Basis Risk Shortfall, Group II-B Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]; 105
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the 106 provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the The Master Servicer shall forward to the Trustee no later than 5:00 P.M. New York time on the second Business Day prior to each Distribution Date, and the Trustee shall forward by mail or otherwise on such Distribution Date make available electronically on its via the Trustee's internet website which is presently located at https://www.corpora▇▇▇▇▇▇▇.▇▇.▇▇▇/▇▇▇▇, ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ unable to use this website by mail by contacting the investor relations desk at (which may be obtained by any Certificateholder by telephoning the Trustee at xxx800) 735-xxx-xxxx) 7777, to each Holder ▇▇▇▇ ▇▇▇▇▇▇ and the Depositor Depositor, a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and Group IX Loans pursuant to Section 4.04;
(v) the number of Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and Group IX Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and 118 Group IX Loans that are Delinquent (A) 30-59 daysone month, (B) 60-89 days two months and (C) 90 three or more days months and the number and aggregate principal balance of Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and Group IX Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and Group IX Loans incurred since the Cut-off Date;
(xi) the Special Hazard Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates, Certificates and the Group I Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class number and aggregate principal balance of Interest Only Securities Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and each Subclass Notional AmountGroup IX Loans repurchased under Section 4.07;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the weighted average remaining term to maturity of the Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and Group IX Loans after giving effect to the amounts distributed on such Distribution Date;
(xvi) the weighted average Mortgage Rates of the Group I Loans, Group II Loans, Group III Loans, Group IV Loans, Group V Loans, Group VI Loans, Group VII Loans, Group VIII Loans and Group IX Loans after giving effect to the amounts distributed on such Distribution Date; 119
(xvii) the weighted average of the Maximum Net Mortgage Rates on the Group I Loans;
(xviii) the Group I Basis Risk Shortfall, Group I Basis Risk Shortfall Carry-Forward Amount and any Prepayment Interest Shortfalls;
(xix) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date; and
(xx) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than 120 those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mort Prod Inc Ramp Series 2004 Sl1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;; 109
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number of Mortgage Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (b) the number and aggregate principal balances of Mortgage Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Mortgage Loans that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Mortgage Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Mortgage Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Mortgage Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, Certificates and the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountMortgage Loans;
(xxvxiii) [the occurrence of Class A Basis Risk Shortfall, Class A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall Carry-Forward Amount, Class B Basis Risk Shortfall, Class B Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls; (xiv) the Credit Support Depletion Date [Overcollateralization Amount and the Accretion Termination Required Overcollateralization Amount following such Distribution Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2005-Rs5 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) the amount, if applicableany, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Hedge Payments for such Distribution Date and any shortfall in amounts previously required to be paid under the number of Mortgage Loans at Hedge Agreements for prior Distribution Dates; and
(xx) the beginning and end occurrence of the preceding Collection Period;Stepdown Date; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxi) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee’s receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks4 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor an▇ ▇▇▇ ▇▇▇▇▇▇▇▇r a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate, the Group II Net WAC Cap Rate, the Subordinate Net WAC Cap Rate, the Group I Weighted Average Maximum Net Mortgage Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group I Basis Risk Shortfalls, Group II Basis Risk Shortfalls, Subordinate Basis Risk Shortfalls, Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional AmountGroup II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreements for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreements for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.the occurrence of the Stepdown Date; and
(xxxixxi) [the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks2 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date and Determination Distribution Date, and the date on which the applicable Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interestinterest (including amounts payable as a portion of the Excess Cash Flow);
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance of each Class of Class A Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates Certificate Principal Balance of each Class of Class M Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection related Due Period;
(xivxii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balances of Mortgage Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance Stated Principal Balance of Mortgage Loans that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxiii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiv) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xviixv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.;
(xviiixvi) [the Guaranteed Distribution amount, if any, of the Yield Maintenance Agreement Payment for such Distribution Date, Date and any shortfall in amounts previously required to be paid under the respective portions thereof allocable to principal and interest Yield Maintenance Agreement for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicableprior Distribution Dates;
(xxxvii) the number, aggregate principal balance and book value Stated Principal Balance of any REO PropertiesProperties with respect to the Mortgage Loans;
(xxixviii) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixix) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xx) the Pass-Through Rate on each Class of Certificates, Certificates and the Net WAC Cap Rate Rate;
(xxi) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xxii) the Overcollateralization Amount and the Weighted Average Minimum Net Percentage RateRequired Overcollateralization Amount following such Distribution Date;
(xxiii) [the Pass-Through Rates on number and Stated Principal Balance of the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment DateMortgage Loans repurchased under Section 4.07;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the TrusteeResidential Funding;
(xxixxxv) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxvii) the occurrence of the Stepdown Date; and
(xxviii) the amount, if any, required to be paid by a under any Derivative Counterparty under a Derivative ContractContract entered into pursuant to Section 4.09 hereof; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iiv) and (iiv) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder includingthereunder, including without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2006-Ks1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder ▇▇▇▇ ▇▇▇▇▇▇, ▇he Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the amount of any Insured Amount paid on such Distribution Date, the amount of any reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and 4.02(d)(xxiii) and the amount of Group I Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Insurer;
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixiii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiv) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixvi) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xxi) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any 104 distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ramp Series 2004-Rs5 Trus)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the The Master Servicer shall forward to the Trustee no later than 5:00 P.M. New York time on the second Business Day prior to each Distribution Date, and the Trustee shall forward by mail or otherwise on such Distribution Date make available electronically on its via the Trustee's internet website which is presently located at http://www.jpmorgan.▇▇▇/▇▇▇., ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ unable to use this website by mail by contacting the investor relations desk at (which may be obtained by any Certificateholder by telephoning 877) 722-1095, to ▇▇▇▇ ▇▇▇▇▇▇ ▇nd the Trustee at xxx-xxx-xxxx) to each Holder and the Depositor Depositor, a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;; 84
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A) 30-59 daysone month, (B) 60-89 days two months and (C) 90 three or more days months and the number and aggregate principal balance of Mortgage Group I Loans and Group II Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Special Hazard Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class number and aggregate principal balance of Interest Only Securities Group I Loans and each Subclass Notional AmountGroup II Loans repurchased under Section 4.07;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the amount, if any, weighted average remaining term to be paid by a Derivative Counterparty under a Derivative Contractmaturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date; and
(xxxxvi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance weighted average Mortgage Rates of the Reserve Fund Group I Loans and Group II Loans after giving effect to the amounts distributed on such amounts.] Distribution Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2004-Sp2)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor an▇ ▇▇▇ ▇▇▇▇▇▇▇▇r a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates and the Net WAC Cap Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) the amount, if applicableany, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Yield Maintenance Payment for such Distribution Date and a description of any change shortfall in amounts previously required to be paid under the calculation of those amountsYield Maintenance Agreement for prior Distribution Dates;
(xiixx) the percentage occurrence of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Stepdown Date;
(xiiixxi) the number and Pool Balance of the Mortgage Loans after giving effect amount, if any, required to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;be paid under any Derivative Contract entered into pursuant to Section 4.09 hereof; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxii) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ahl3 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a statement setting forth ▇▇▇▇▇▇▇ ▇▇▇▇▇ the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate, the Group II Net WAC Cap Rate, the Subordinate Net WAC Cap Rate, the Group I Weighted Average Maximum Net Mortgage Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group I Basis Risk Shortfalls, Group II Basis Risk Shortfalls, Subordinate Basis Risk Shortfalls, Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional AmountGroup II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a under the Hedge Agreements for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreements for prior Distribution Dates;
(xx) the occurrence of the Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Counterparty under a Derivative ContractContract entered into pursuant to Section 4.09 hereof; and
(xxxxxii) whether or not a Servicing Trigger has occurred.
(xxxi) [the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor an▇ ▇▇▇ ▇▇▇▇▇▇▇▇r a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) the amount, if applicableany, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Hedge Payment for such Distribution Date and any shortfall in amounts previously required to be paid under the number of Mortgage Loans at Hedge Agreement for prior Distribution Dates; and
(xx) the beginning and end occurrence of the preceding Collection Period;Stepdown Date; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxi) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set 81 forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks7 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group I Basis Risk Shortfalls, Group II Basis Risk Shortfalls, Subordinate Basis Risk Shortfalls, Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional AmountGroup II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreements for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreements for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.the occurrence of the Stepdown Date;
(xxxixxi) [the amount, if any, required to be paid under any Derivative Contract entered into pursuant to Section 4.11 hereof; and
(xxii) the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder Certificate or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2004-Ks10 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date and Determination Distribution Date, and the date on which the applicable Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
; (aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viv) the amount of such distribution to Holders of such Class of Certificates allocable to interestinterest (including amounts payable as a portion of the Excess Cash Flow);
(viivi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiivii) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(viii) the Certificate Principal Balance of each Class of Class A Certificates as of the Closing Date;
(ix) the weighted average remaining term to maturity Certificate Principal Balance of each Class of Class M Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balances of Mortgage Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance Stated Principal Balance of Mortgage Loans that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.;
(xviiixv) [the Guaranteed Distribution amount, if any, of the Yield Maintenance Agreement Payment for such Distribution Date, Date and any shortfall in amounts previously required to be paid under the respective portions thereof allocable to principal and interest Yield Maintenance Agreement for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicableprior Distribution Dates;
(xxxvi) the number, aggregate principal balance and book value Stated Principal Balance of any REO PropertiesProperties with respect to the Mortgage Loans;
(xxixvii) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixviii) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xix) the Pass-Through Rate on each Class of Certificates, Certificates and the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxx) the Notional Amount with respect to each class of Basis Risk Shortfalls and Prepayment Interest Only Securities and each Subclass Notional AmountShortfalls;
(xxvxxi) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxii) the number and aggregate principal balance of the Credit Support Depletion Date [and the Accretion Termination DateMortgage Loans repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxiii) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the TrusteeResidential Funding;
(xxixxxiv) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxv) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxvi) the occurrence of the Stepdown Date; and
(xxvii) the amount, if any, required to be paid by a under any Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect Contract entered into pursuant to such amounts.] Section 4.09 hereof. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iiv) and (iiv) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder includingthereunder, including without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2006-Emx1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group II Basis Risk Shortfalls, the Group I Net WAC Cap Shortfalls, the Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional Amountthe Group II Prepayment Interest Shortfalls;
(xxvxiv) [the occurrence Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group I Required Overcollateralization Amount and the Group II Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates; and
(xxxxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount occurrence of any payment made from the Reserve Fund on such Payment Group I Stepdown Date and the balance Group II Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Contract entered into pursuant to Section 4.11 hereof; and
(xxii) the aggregate amount of Realized Losses since the Reserve Fund after giving effect to such amounts.] Cut-off Date for the Group I Loans and the Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2004-Ks8 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx) 1095 to each Holder Holder, the Certificate Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) with respect to the related Due Period, (A) the number of Mortgage Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (B) the number of Mortgage Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (C) the number of Mortgage Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xii) the aggregate amount of any Insured Payment paid on such Distribution Date and the portion paid to each Class A Certificate, the amount of any reimbursement payment made to the Certificate Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and (vi) and (d)(vi) and (vii) from each Loan Group and the amount of Group I Cumulative Insurance Payments and Group II Cumulative Insurance Payments after giving effect to any such Insured Payment or any such reimbursement payment to the Certificate Insurer;
(xiii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and Group II Net WAC Cap Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiv) the Notional Amount with respect to each class of Group II Basis Risk Shortfalls, the Group I Net WAC Cap Shortfalls, the Group I Prepayment Interest Only Securities Shortfalls and each Subclass Notional Amountthe Group II Prepayment Interest Shortfalls;
(xxvxv) [the occurrence Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group I Required Overcollateralization Amount and the Group II Required Overcollateralization Amount following such Distribution Date;
(xvi) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the amount, if any, required to be paid by a under the Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates;
(xxi) the current Rolling Three-Month Delinquency Ratio;
(xxii) the occurrence of the Group I Stepdown Date;
(xxiii) the amount, if any, required to be paid under any Derivative Counterparty under a Derivative ContractContract entered into pursuant to Section 4.11 hereof; and
(xxxxxiv) whether or not a Servicing Trigger has occurred.
(xxxi) [the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder Certificate or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2004-Ks7 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
, (xvB) the number and aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms principal balances of the Mortgage Loans during and the Due Period or Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have cumulatively become material over timebeen liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Mortgage Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved]; (xii) the Pass-Through Rate on each Class of Certificates, Certificates and the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks8 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number of Mortgage Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal; 108
(vii) on the basis of the most recent reports furnished to it by Subservicers, (a) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (b) the number and aggregate principal balances of Mortgage Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Mortgage Loans that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Mortgage Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Mortgage Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Mortgage Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates and the Net WAC Cap Rate;
(xii) the weighted average of the Maximum Net Mortgage Rates on the Mortgage Loans;
(xiii) the Class A Basis Risk Shortfall, Class A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall Carry-Forward Amount, Class B Basis Risk Shortfall, Class B Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of Mortgage Loans repurchased under Section 4.07 or Section 4.08;
(xvi) the aggregate amount of any recoveries on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description aggregate of any change in deposits to and withdrawals from the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Reserve Fund for such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xiv) remaining amount on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants deposit in the Agreement.
(xviii) [the Guaranteed Distribution for Reserve Fund after such Distribution Date, deposits and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicablewithdrawals;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from Net Swap Payment payable to the Reserve Fund Trustee on such Payment Date and the balance behalf of the Reserve Fund after giving effect Trust, any Net Swap Payment payable to such amounts.] the Swap Counterparty, any Swap Termination Payment payable to the Trustee on behalf of the Trust and any Swap Termination Payment payable to the Swap Counterparty. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the 110 Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2005-Rs4 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number of Mortgage Loans and the aggregate Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (a) the number and aggregate principal balances of the Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of the Mortgage Loans that are in foreclosure, (b) the number and aggregate principal balances of the Mortgage Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of the Mortgage Loans that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Mortgage Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of the Mortgage Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates and the Net WAC Cap Rate;
(xii) the weighted average of the Maximum Net Mortgage Rates on the Mortgage Loans;
(xiii) the Class A Basis Risk Shortfall, Class A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall Carry-Forward Amount, Class B Basis Risk Shortfall, Class B Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from Net Swap Payment payable to the Reserve Fund Trustee on such Payment Date and the balance behalf of the Reserve Fund after giving effect Trust, any Net Swap Payment payable to such amounts.] the Swap Counterparty, any Swap Termination Payment payable to the Trustee on behalf of the Trust and any Swap Termination Payment payable to the Swap Counterparty. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class B, Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form 95 attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2005-Rs7 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder Holder, the Certificate Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans or Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans or Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) with respect to the related Due Period, (A) the number of Mortgage Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (B) the number of Mortgage Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (C) the number of Mortgage Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xii) the aggregate amount of any Insured Amount paid on such Distribution Date and the portion paid to each Class A Certificate, the amount of any reimbursement payment made to the Certificate Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and (vi) and (d)(vi) and (vii) from each Loan Group and the amount of Group I Cumulative Insurance Payments and Group II Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Certificate Insurer;
(xiii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate, the Group II-A Net WAC Cap Rate, the Group II-B Net WAC Cap Rate, the Group II-A Weighted Average Maximum Net Mortgage Rate and the Group II-B Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiiixiv) [the PassGroup I Net WAC Cap Shortfalls, Class A-Through Rates on the [Floater Certificates] [II-A Basis Risk Shortfalls, Class A-II-B Basis Risk Shortfalls, Group I Prepayment Interest Shortfalls and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]Group II Prepayment Interest Shortfalls; 105
(xxivxv) the Notional Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group I Required Overcollateralization Amount with respect to each class of Interest Only Securities and each Subclass Notional Amountthe Group II Required Overcollateralization Amount following such Distribution Date;
(xxvxvi) [the occurrence number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreements for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreements for prior Distribution Dates;
(xxi) the current Rolling Six-Month Delinquency Ratio;
(xxii) the occurrence of the Group I First Stepdown Date
(xxiii) the occurrence of the Group I Second Stepdown Date; and
(xxxxxiv) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of amount, if any, required to be paid under any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect Derivative Contract entered into pursuant to such amounts.] Section 4.11 hereof. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans and Group II Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate, the Group II Net WAC Cap Rate, the Subordinate Net WAC Cap Rate, the Group I Weighted Average Maximum Net Mortgage Rate and the Group II Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class of Group I Basis Risk Shortfalls, Group II Basis Risk Shortfalls, Subordinate Basis Risk Shortfalls and Prepayment Interest Only Securities and each Subclass Notional AmountShortfalls;
(xxvxiv) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Credit Support Depletion Date [Group I Loans and the Accretion Termination DateGroup II Loans repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries with respect to the Group I Loans and Group II Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the weighted average remaining term to maturity of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans or Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the amount, if any, required to be paid by a under the Yield Maintenance Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Yield Maintenance Agreement for prior Distribution Dates;
(xx) the occurrence of the Stepdown Date;
(xxi) the amount, if any, required to be paid under any Derivative Counterparty under a Derivative ContractContract entered into pursuant to Section 4.09 hereof; and
(xxxxxii) whether or not a Servicing Trigger has occurred.
(xxxi) [the aggregate amount of any payment made from Realized Losses since the Reserve Fund on such Payment Cut-off Date for the Group I Loans and the balance of the Reserve Fund after giving effect to such amounts.] Group II Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks10 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder ▇▇▇▇ ▇▇▇▇▇▇, ▇he Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Group I Loans and Group II Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and 110 aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Group II-A Basis Risk Shortfall, Group II-A Basis Risk Shortfall Carry- Forward Amount, Group II-B Basis Risk Shortfall, Group II-B Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals;
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any Guaranteed Distribution paid on such Distribution Date, the amount of any reimbursement payment made from to the Reserve Fund Insurer on such Payment Distribution Date pursuant to Section 4.02(c)(viii) or 4.02(d)(x) and the balance amount of the Reserve Fund Cumulative Insurance Payments after giving effect to any such amounts.] Guaranteed Distribution or any such reimbursement payment to the Insurer. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder Ho▇▇▇▇, ▇▇▇ ▇▇▇urer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosure;foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller; 92
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the amount of any Insured Amount paid on such Distribution Date, the amount of any reimbursement payment made to the Insurer on such Distribution Date pursuant to Section 4.02(c)(v) and (vi) and 4.02(d)(v) and (vi) and the amount of Group I and Group II Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Insurer;
(xii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixiii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiv) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Carry-Forward Amount, Group II-A Basis Risk Shortfall, Group II-A Basis Risk Shortfall Carry-Forward Amount, Group II-B Basis Risk Shortfall, Group II-B Basis Risk Shortfall Carry-Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixvi) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals;
(xxi) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract;
(xxii) amounts paid under the Cap Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number of the Mortgage Loans in the aggregate and the Pool Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (a) the number and aggregate principal balances of Group I Loans and Group II Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) with respect to the related Due Period, (i) the number of Mortgage Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (ii) the number of Mortgage Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (iii) the number of Mortgage Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xiii) the Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07 or 4.08;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreement for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreement for prior Distribution Dates;
(xx) the occurrence of the Stepdown Date, and the aggregate amount of Realized Losses since the Cut-off Date for the Mortgage Loans; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of amount, if any, required to be paid under any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect Derivative Contract entered into pursuant to such amounts.] Section 4.11 hereof. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(800) 934-xxx-xxxx6802) to each Holder and e▇▇▇ ▇▇▇▇▇▇ ▇▇▇ the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall; 108
(iv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(viiiv) the number of Mortgage Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (a) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (b) the number and aggregate principal balances of Mortgage Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Mortgage Loans that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Mortgage Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Mortgage Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Mortgage Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates and the Net WAC Cap Rate;
(xii) the weighted average of the Maximum Net Mortgage Rates on the Mortgage Loans;
(xiii) the Class A Basis Risk Shortfall, Class A Basis Risk Shortfall Carry-Forward Amount, Class M Basis Risk Shortfall, Class M Basis Risk Shortfall Carry-Forward Amount, Class B Basis Risk Shortfall, Class B Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of Mortgage Loans repurchased under Section 4.07 or Section 4.08;
(xvi) the aggregate amount of any recoveries on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description aggregate of any change in deposits to and withdrawals from the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Reserve Fund for such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xiv) remaining amount on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants deposit in the Agreement.
(xviii) [the Guaranteed Distribution for Reserve Fund after such Distribution Date, deposits and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicablewithdrawals;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from Net Swap Payment payable to the Reserve Fund Trustee on such Payment Date and the balance behalf of the Reserve Fund after giving effect Trust, any Net Swap Payment payable to such amounts.] the Swap Counterparty, any Swap Termination Payment payable to the Trustee on behalf of the Trust and any Swap Termination Payment payable to the Swap Counterparty. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2005-Efc1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(▇▇▇) ▇▇▇-xxx-xxxx▇▇▇▇) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(vii) on the basis of the most recent reports furnished to it by Subservicers, (A) the number and aggregate principal balances of Mortgage Loans that are Delinquent (1) 30-59 days, (2) 60-89 days and (3) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure, (B) the number and aggregate principal balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Mortgage Loans;
(ix) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(x) the aggregate amount of Realized Losses with respect to the Mortgage Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans incurred since the Cut-off Date;
(xi) [reserved];
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xiii) the Basis Risk Shortfalls and Prepayment Interest Shortfalls;
(xiv) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xv) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 4.07;
(xvi) the aggregate amount of any recoveries with respect to the Mortgage Loans on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xvii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxviii) the weighted average Loan Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xixix) the amount, if applicableany, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on Hedge Payment for such Distribution Date and any shortfall in amounts previously required to be paid under the number of Mortgage Loans at Hedge Agreement for prior Distribution Dates; and
(xx) the beginning and end occurrence of the preceding Collection Period;Stepdown Date; and
(xiv) on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of Mortgage Loans that are Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number and aggregate principal balance of Mortgage Loans that are in foreclosure;
(xvxxi) the aggregate amount of Realized Losses since the Cut-off Date for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] Loans. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee’s receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2005-Ks5 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder Holder, the Certificate Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans, Group II Loans or Group III Loans pursuant to Section 4.04;
(v) the number of Group I Loans, Group II Loans, Group III Loans and the Mortgage Loans in the aggregate and the Pool Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;; 116
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans, Group II Loans and Group III Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans, Group II Loans and Group III Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans, Group III Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and aggregate principal balances of the Group I Loans, Group II Loans, Group III Loans and the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO PropertiesProperties with respect to the Group I Loans, Group II Loans or Group III Loans;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses with respect to the Group I Loans, Group II Loans and Group III Loans for such Distribution Date and the aggregate amount of Realized Losses with respect to the Group I Loans, Group II Loans and Group III Loans incurred since the Cut-off Date;
(xi) with respect to the related Due Period, (A) the number of Mortgage Loans for which a payment was made by the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such payments, (B) the number of Mortgage Loans for which a claim has been presented to the MI Policy Provider under the MI Policy since the Closing Date and the aggregate amount of any such outstanding claims, and (C) the number of Mortgage Loans for which a claim was presented to the MI Policy Provider under the MI Policy since the Closing Date which claim was denied by the MI Policy Provider and the aggregate amount of any such denied claims;
(xii) the aggregate amount of any Insured Amount paid on such Distribution Date and the portion paid to each Class A-II Certificate and Class A-III Certificate, the amount of any reimbursement payment made to the Certificate Insurer on such Distribution Date pursuant to Section 4.02(d)(vi) and (xvi) and (e)(v) and (xi) from each Loan Group and the amount of Group II Cumulative Insurance Payments and Group III Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Certificate Insurer;
(xiii) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate, the Group II-A Net WAC Cap Rate, the Group II-B Net WAC Cap Rate, the Group III Net WAC Cap Rate, the Group II-A Weighted Average Maximum Net Mortgage Rate, the Group II-B Weighted Average Maximum Net Mortgage Rate and the Group III Weighted Average Minimum Maximum Net Percentage Mortgage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiv) the Notional Amount with respect to each class of Group I Net WAC Cap Shortfalls, Class A-II-A Basis Risk Shortfalls, Class A-II-B Basis Risk Shortfalls, Class A-III Basis Risk Shortfalls, Group I Prepayment Interest Only Securities Shortfalls, Group II Prepayment Interest Shortfalls and each Subclass Notional AmountGroup III Prepayment Interest Shortfalls;
(xxvxv) [the occurrence Group I Overcollateralization Amount, the Group II Overcollateralization Amount, the Group III Overcollateralization Amount, the Group I Required Overcollateralization Amount, the Group II Required Overcollateralization Amount and the Group III Required Overcollateralization Amount following such Distribution Date;
(xvi) the number and aggregate principal balance of the Credit Support Depletion Date [and the Accretion Termination DateGroup I Loans, Group II Loans or Group III Loans repurchased under Section 4.07 or 4.08;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvii) the aggregate amount of any recoveries with respect to the Group I Loans, Group II Loans and Group III Loans on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxviii) the weighted average remaining term to maturity of the Group I Loans, Group II Loans or Group III Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Group I Loans, Group II Loans or Group III Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the amount, if any, required to be paid by a Derivative Counterparty under a Derivative Contractthe Hedge Agreements for such Distribution Date and any shortfall in amounts previously required to be paid under the Hedge Agreements for prior Distribution Dates;
(xxi) the occurrence of the Group I Stepdown Date; and
(xxxxxii) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of amount, if any, required to be paid under any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect Derivative Contract entered into pursuant to such amounts.] Section 4.11 hereof. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, upon the Trustee's receipt thereof, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and forwarded by the Trustee pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (e) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii. This Section 4.03(e) A report regarding its assessment may be amended in accordance with this Agreement without the consent of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation ABCertificateholders. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and ▇▇▇▇ ▇▇▇▇▇▇ ▇▇d the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are 104 Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and 105
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] . In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required 106 or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2004-Rs8 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder ▇▇▇▇ ▇▇▇▇▇▇, ▇he Insurer and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(a) the A)the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;; 108
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]Group II Loans; 109
(xxivxiii) the Notional Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry- Forward Amount, Group II-A Basis Risk Shortfall, Group II-A Basis Risk Shortfall Carry- Forward Amount, Group II-B Basis Risk Shortfall, Group II-B Basis Risk Shortfall Carry- Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry- Forward Amount with respect to each class of and Group I and Group II Prepayment Interest Only Securities and each Subclass Notional AmountShortfalls;
(xxvxiv) [the occurrence of the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals;
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any Guaranteed Distribution paid on such Distribution Date, the amount of any reimbursement payment made from to the Reserve Fund Insurer on such Payment Distribution Date pursuant to Section 4.02(c)(ix) or 4.02(d)(xi) and the balance amount of the Reserve Fund Cumulative Insurance Payments after giving effect to any such amounts.] Guaranteed Distribution or any such reimbursement payment to the Insurer. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.. 110
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and to the Credit Risk Manager and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee initially located at xxx-xxx-xxxx▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date, Determination Date, Distribution Date and Determination Datethe date on which the Interest Accrual Period commenced;
(ii) the aggregate amount of payments received with respect to the Mortgage LoansLoans in the aggregate, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(vi) the amount of such distribution to Holders of such Class of Certificates allocable to interest, including amounts payable as excess cash flow and the disposition of the excess cash flow;
(vii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viii) the aggregate Certificate Principal Balance of each Class of Certificates Certificates, before and after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity Certificate Principal Balance for each Class of Certificates as of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Closing Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Stated Principal Balance of the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans in the aggregate at the beginning and end of the preceding Collection related Due Period;
(xivxi) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances Stated Principal Balance of the Mortgage Loans in the aggregate that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and Stated Principal Balance of the Mortgage Loans in the aggregate principal balance that are in foreclosure, (B) the number and Stated Principal Balances of the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (C) for all Reportable Modified Mortgage Loans, the number and Stated Principal Balances of the Mortgage Loans in the aggregate that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or Seller;
(xvxii) the aggregate amount, terms and general purpose of any Advance by the Master Servicer pursuant to Section 4.04 and the amount of Realized Losses for such Distribution Dateall Advances that have been reimbursed during the related Due Period;
(xvixiii) any material modifications, extensions or waivers to the terms of the Mortgage Loans in the aggregate during the Due Period or that have cumulatively become material over time;
(xviixiv) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxxv) the number, aggregate principal balance and book value Stated Principal Balance of any REO Properties;
(xxixvi) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiixvii) the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate for such Distribution Date and the aggregate amount of Realized Losses with respect to the Mortgage Loans in the aggregate incurred since the Cut-off Date;
(xviii) the Pass-Through Rate on each Class of Certificates, Certificates and the applicable Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxix) the Notional Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount with respect to each class of and Prepayment Interest Only Securities and each Subclass Notional AmountShortfalls;
(xxvxx) [the occurrence Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xxi) the number and Stated Principal Balances of the Credit Support Depletion Date [and Mortgage Loans in the Accretion Termination Dateaggregate repurchased under Section 4.07;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixxii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned with respect to the TrusteeMortgage Loans in the aggregate from Residential Funding;
(xxixxxiii) the amountweighted average remaining term to maturity of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxiv) the weighted average Mortgage Rates of the Mortgage Loans in the aggregate after giving effect to the amounts distributed on such Distribution Date;
(xxv) the amount of any Yield Maintenance Payments payable to the Supplemental Interest Trust Trustee, if anyon behalf of the Supplemental Interest Trust, and any Yield Termination Payment payable to be paid by a Derivative Counterparty under a Derivative Contractthe Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest Trust;
(xxvi) the amount of any Net Swap Payment payable to the Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest Trust, any Net Swap Payment payable to the Swap Counterparty, any Swap Termination Payment payable to the Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest Trust, and any Swap Termination Payment payable to the Swap Counterparty; and
(xxxxxvii) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance occurrence of the Reserve Fund after giving effect to such amounts.] Stepdown Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end it receives a written request from a Holder of each calendar yeara Certificate, other than a Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (iv) and (iivi) of referred to in subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end it receives a written request from any Holder of each calendar yeara Class R Certificate, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each such requesting Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by a Responsible Officer of the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include, with respect to the Certificates relating to such 10-K:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2007-Rs1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the The Master Servicer shall forward to the Trustee no later than 5:00 P.M. New York time on the second Business Day prior to each Distribution Date, and the Trustee shall forward by mail or otherwise on such Distribution Date make available electronically on its via the Trustee's internet website which is presently located at ▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇/sfr., or for persons unable to use this website by mail by contacting the investor relations desk at (which may be obtained by any Certificateholder by telephoning the Trustee at xxx▇▇▇) ▇▇▇-xxx-xxxx) ▇▇▇▇, to each Holder and the Depositor Depositor, a statement setting forth the following information as to each Class of Certificates, on a Loan Group by Loan Group basis, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Mortgage Loans in each Loan Group pursuant to Section 4.04;
(v) the number of Mortgage Loans in each Loan Group and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, the number and aggregate principal balances of Mortgage Loans in each Loan Group that are Delinquent (A) 30-59 daysone month, (B) 60-89 days two months and (C) 90 three or more days months and the number and aggregate principal balance of Mortgage Loans in each Loan Group that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date; 109
(x) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Mortgage Loans in each Loan Group incurred since the Cut-off Date;
(xxiixi) the Special Hazard Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to number and aggregate principal balance of Mortgage Loans in each class of Interest Only Securities and each Subclass Notional AmountLoan Group repurchased under Section 4.07;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the amount, if any, weighted average remaining term to be paid by a Derivative Counterparty under a Derivative Contractmaturity of the Mortgage Loans in each Loan Group after giving effect to the amounts distributed on such Distribution Date; and
(xxxxvi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance weighted average Mortgage Rates of the Reserve Fund Mortgage Loans in each Loan Group after giving effect to the amounts distributed on such amounts.] Distribution Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.▇▇▇▇. ▇▇▇
(e▇) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2005-Sp1 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a▇▇ ▇▇▇ ▇▇▇▇▇▇▇or a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number and aggregate Stated Principal Balance of the Group I Loans, the Group II Loans and the Mortgage Loans in the aggregate after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
; (ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (A) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 days, (B2) 60-89 days and (C3) 90 or more days and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (B) the number and aggregate principal balances of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Reportable Modified Mortgage Loans that are in foreclosure;
foreclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (xvC) for all Reportable Modified Mortgage Loans, the number and aggregate amount principal balances of Realized Losses for such Distribution Date;
(xvi) any material modificationsthe Group I Loans, extensions or waivers to the terms of Group II Loans and the Mortgage Loans during in the Due Period or aggregate that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xx) the number, aggregate principal balance and book value of any REO Properties;
(xxi) the aggregate accrued interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxii) the Pass-Through Rate on each Class of Certificatesbeen liquidated, the Net WAC Cap Rate subject of pay-offs and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional Amount;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of a representation or warranty assigned to the Trustee;
(xxix) the amount, if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxx) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable that have been repurchased by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(e) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s inability or failure to obtain any information not resulting from the Master Servicer’s own negligence or willful misconduct.
(f) Any Form 10-K filed with the Commission in connection with this Section 4.03 shall include:
(i) A certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 hereto or such other form as may be required or permitted by the Commission (the “Form 10-K Certification”), in compliance with Rules 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) This Section 4.03 may be amended in accordance with this Agreement without the consent of the Certificateholders.Seller;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RASC Series 2004-Ks6 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the The Master Servicer shall forward to the Trustee no later than 5:00 P.M. New York time on the second Business Day prior to each Distribution Date, and the Trustee shall forward by mail or otherwise on such Distribution Date make available electronically on its via the Trustee's internet website which is presently located at https://www.tss.db.c▇▇/▇▇▇▇, ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ble to use this website by mail by contacting the investor relations desk at (which may be obtained by any Certificateholder by telephoning 800) 735-7777, to e▇▇▇ ▇▇▇▇▇▇ ▇▇▇ the Trustee at xxx-xxx-xxxx) to each Holder and the Depositor Depositor, a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans, Group II Loans, Group III Loans, Group IV and Group V Loans pursuant to Section 4.04;
(v) the number of Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or Notional Amount, as applicable, of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, the number and aggregate principal balances of Mortgage Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans that are Delinquent (A) 30-59 daysone month, (B) 60-89 days two months and (C) 90 three or more days months and the number and aggregate principal balance of Mortgage Group I Loans, Group II Loans, Group III Loans, Group IV Loans Group and Group V Loans that are in foreclosure;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans incurred since the Cut-off Date;
(xi) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date and a description of any change in the calculation of such amounts;
(xii) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Minimum Net Percentage Rate;
(xxiii) [the Pass-Through Rates on the [Floater Certificates] [and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxivxiii) the Notional Amount with respect to each class number and aggregate principal balance of Interest Only Securities Group I Loans, Group II Loans, Group III Loans, Group IV Loans and each Subclass Notional AmountGroup V Loans repurchased under Section 4.07;
(xxv) [the occurrence of the Credit Support Depletion Date [and the Accretion Termination Date;]
(xxvi) [the related Senior Accelerated Distribution Percentage applicable to such distribution;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixiv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxv) the amountweighted average remaining term to maturity of the Group I Loans, if anyGroup II Loans, Group III Loans, Group IV Loans and Group V Loans after giving effect to be paid by a Derivative Counterparty under a Derivative Contractthe amounts distributed on such Distribution Date; and
(xxxxvi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance weighted average Mortgage Rates of the Reserve Fund Group I Loans, Group II Loans, Group III Loans, Group IV Loans and Group V Loans after giving effect to the amounts distributed on such amounts.] Distribution Date. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2005 SL2 Trust)
Statements to Certificateholders; Statements to Rating Agencies; Exchange Act Reporting. (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Master Servicer shall forward to the Trustee and the Trustee shall forward by mail or otherwise make available electronically on its website (which may be obtained by any Certificateholder by telephoning the Trustee at xxx(877) 722-xxx-xxxx1095) to each Holder and the Depositor a statement setting forth the following information as to each Class of Certificates, in each case to the extent applicable:
(i) the applicable Record Date and Determination Date;
(ii) the aggregate amount of payments received with respect to the Mortgage Loans, including prepayment amounts;
(iii) the Servicing Fee and Subservicing Fee payable to the Master Servicer and the Subservicer;
(iv) the amount of any other fees or expenses paid, and the identity of the party receiving such fees or expenses;
(aA) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal Balance thereof, and (bB) the aggregate amount included therein representing Principal Prepayments;
(viii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;; 105
(viiiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall;
(viiiiv) the amount of any Advance by the Master Servicer with respect to the Group I Loans and Group II Loans pursuant to Section 4.04;
(v) the number of Group I Loans and Group II Loans and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates the Certificates, after giving effect to the amounts distributed on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(ix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(x) the weighted average Loan Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xi) if applicable, the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount at the opening of business and as of the close of business on the applicable Distribution Date and a description of any change in the calculation of those amounts;
(xii) the percentage of the outstanding principal balances of the Senior Securities after giving effect to the distributions on that Distribution Date;
(xiii) the number and Pool Balance of the Mortgage Loans after giving effect to the distribution of principal on such Distribution Date and the number of Mortgage Loans at the beginning and end of the preceding Collection Period;
(xivvii) on the basis of the most recent reports furnished to it by Sub-ServicersSubservicers, (a) the number and aggregate principal balances of Mortgage Group I Loans and Group II Loans that are Delinquent (A1) 30-59 daysone month, (B2) 60-89 days two months and (C3) 90 three or more days months and the number and aggregate principal balance of Group I Loans and Group II Loans that are in foreclosure, (b) the number and aggregate principal balances of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are Delinquent (1) one month, (2) two months and (3) three or more months and the number and aggregate principal balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that are in foreclosureforeclosure and are REO Property, indicating in each case capitalized Mortgage Loans, other Servicing Modifications and totals, and (c) for all Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans, the number and aggregate Stated Principal Balance of Group I Loans and Group II Loans that are Reportable Modified Mortgage Loans that have been liquidated, the subject of pay-offs and that have been repurchased by the Master Servicer or a Seller;
(xv) the aggregate amount of Realized Losses for such Distribution Date;
(xvi) any material modifications, extensions or waivers to the terms of the Mortgage Loans during the Due Period or that have cumulatively become material over time;
(xvii) any material breaches of Mortgage Loan representations or warranties or covenants in the Agreement.
(xviii) [the Guaranteed Distribution for such Distribution Date, and the respective portions thereof allocable to principal and interest for the Insured Securities;]
(xix) the related Subordinate Principal Payment Amount and Prepayment Payment Percentage, if applicable;
(xxviii) the number, aggregate principal balance and book value of any REO Properties;
(xxiix) the aggregate accrued interest Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to the distribution made on such Distribution Date;
(xxiix) the aggregate amount of Realized Losses for such Distribution Date and the aggregate amount of Realized Losses on the Group I Loans and Group II Loans incurred since the Cut-off Date;
(xi) the Pass-Through Rate on each Class of Certificates, the Group I Net WAC Cap Rate and the Weighted Average Minimum Group II Net Percentage WAC Cap Rate;
(xxiiixii) [the Pass-Through weighted average of the Maximum Net Mortgage Rates on the [Floater Certificates] [Group I Loans and Inverse Floater Certificates] for such Payment Date, separately identifying LIBOR for such Payment Date;]
(xxiv) the Notional Amount with respect to each class of Interest Only Securities and each Subclass Notional AmountGroup II Loans;
(xxvxiii) [the occurrence of Group I Net WAC Cap Shortfall, Group I Net WAC Cap Shortfall Carry-Forward Amount, Class A-II Basis Risk Shortfall, Class A-II Basis Risk Shortfall Carry-Forward Amount, Class M-II Basis Risk Shortfall, Class M-II Basis Risk Shortfall Carry-Forward Amount and Group I and Group II Prepayment Interest Shortfalls;
(xiv) the Credit Support Depletion Date [Group I and Group II Overcollateralization Amount and the Accretion Termination Group I and Group II Required Overcollateralization Amount following such Distribution Date;]
(xxvixv) [the related Senior Accelerated Distribution Percentage applicable to such distributionnumber and aggregate principal balance of Group I Loans and Group II Loans repurchased under Section 4.07 or Section 4.08;]
(xxvii) [the related Senior Percentage for such Payment Date;]
(xxviiixvi) the aggregate amount of any recoveries on previously foreclosed loans from Sellers Residential Funding due to a breach of a representation or warranty assigned to the Trusteewarranty;
(xxixxvii) the amount, weighted average remaining term to maturity of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the weighted average Mortgage Rates of the Group I Loans and Group II Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the aggregate of any deposits to and withdrawals from the Reserve Fund for such Distribution Date and the remaining amount on deposit in the Reserve Fund after such deposits and withdrawals; and
(xx) the amount if any, to be paid by a Derivative Counterparty under a Derivative Contract; and
(xxxxxi) whether or not a Servicing Trigger has occurred.
(xxxi) [the amount of any payment made from the Reserve Fund on such Payment Date and the balance of the Reserve Fund after giving effect to such amounts.] amounts paid under each Yield Maintenance Agreement. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount per Certificate with a $xxx,xxx 1,000 denomination. In addition to the statement provided to the Trustee as set forth in this Section 4.03(a), the Master Servicer shall provide to any manager of a trust fund consisting of some or all of the Certificates, upon reasonable request, such additional information as is reasonably obtainable by the Master Servicer at no additional expense to the Master Servicer. Also, at the request of a Rating Agency, the Master Servicer shall provide the information relating to the Reportable Modified Mortgage Loans substantially in the form attached hereto as Exhibit U S to such Rating Agency within a reasonable period of time; provided, however, that the Master Servicer shall not be required to provide such information more than four times in a calendar year to any Rating Agency.
(b) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and the Trustee shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Certificate, other than a Class R Certificate, a statement containing the information set forth in clauses (i) and (ii) of subsection (a) above aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Master Servicer and Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer and Trustee pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year, the Master Servicer shall prepare, or cause to be prepared, and shall forward, or cause to be forwarded, to each Person who at any time during the calendar year was the Holder of a Class R Certificate, a statement containing the applicable distribution information provided pursuant to this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class R Certificate. Such obligation of the Master Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer pursuant to any requirements of the Code.
(d) As soon as reasonably practicable, upon the written request of any Class SB Certificateholder or Class R Certificateholder, the Master Servicer shall provide the requesting Certificateholder with such information as is necessary and appropriate, in the Master Servicer’s 's sole discretion, for purposes of satisfying applicable reporting requirements under Rule 144A.
(ed) The Master Servicer shall, on behalf of the Depositor and in respect of the Trust Fund, prepare sign and cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder including, without limitation, reports on Form 10-K, Form 10-D and Form 8-K. thereunder. In connection with the preparation and filing of such periodic reports, the Trustee shall timely provide to the Master Servicer (I) a list of Certificateholders as shown on the Certificate Register as of the end of each calendar year, (II) copies of all pleadings, other legal process and any other documents relating to any claims, charges or complaints involving the Trustee, as trustee hereunder, or the Trust Fund that are received by the Trustee, (III) notice of all matters that, to the actual knowledge of a Responsible Officer of the Trustee, have been submitted to a vote of the Certificateholders, other than those matters that have been submitted to a vote of the Certificateholders at the request of the Depositor or the Master Servicer, and (IV) notice of any failure of the Trustee to make any distribution to the Certificateholders as required pursuant to this Agreement. Neither the Master Servicer nor the Trustee shall have any liability with respect to the Master Servicer’s 's failure to properly prepare or file such periodic reports resulting from or relating to the Master Servicer’s 's inability or failure to obtain any information not resulting from the Master Servicer’s 's own negligence or willful misconduct.
(f) . Any Form 10-K filed with the Commission in connection with this Section 4.03 clause (d) shall include:
(i) A include a certification, signed by the senior officer in charge of the servicing functions of the Master Servicer, in the form attached as Exhibit T-1 R-1 hereto or such other form as may be required or permitted by the Commission (the “"Form 10-K Certification”"), in compliance with Rules Rule 13a-14 and 15d-14 under the Exchange Act and any additional directives of the Commission.
(ii) A report regarding its assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant Commission regulations with respect to mortgage-backed securities transactions taken as a whole involving the Master Servicer that are backed by the same types of assets as those backing the certificates, as well as similar reports on assessment of compliance received from other parties participating in the servicing function as required by relevant Commission regulations, as described in Item 1122(a) of Regulation AB. The Master Servicer shall obtain from all other parties participating in the servicing function any required certifications.
(iii) With respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant Commission regulations, as described in Regulation 1122(b) of Regulation AB and Section 3.18.
(iv) The servicer compliance certificate required to be delivered pursuant Section 3.19.
(g) In connection with the Form 10-K Certification, the Trustee shall provide the Master Servicer with a back-up certification substantially in the form attached hereto as Exhibit T-2.
(h) R-2. This Section 4.03 4.03(d) may be amended in accordance with this Agreement without the consent of the Certificateholders.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)