Statements to Certificateholders. Each month, at least two Business Days prior to each Distribution Date, the Company shall deliver to the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth: (i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date); (ii) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components; (iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns; (iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;
Appears in 7 contracts
Sources: Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc), Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available pursuant to Section 8.15(b) to any Privileged Person (including a Privileged Person who provides the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") Certificate Administrator with an Investor Certification substantially in the form of Exhibit J K-2 hereto) and shall deliver to the Initial Purchasers, a statement, based upon information provided by the Servicer or the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth:
(i) The for each Class of Regular Certificates (1) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate or the RR Interest Rate, as applicable, and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (2) the amount of any Yield Maintenance Premiums collected on the Mortgage Loan allocable to each Class of Certificates and (3) the amount of interest paid on Advances from Default Interest and allocable to such Class or RR Interest;
(ii) if the amount of the distribution to the Holders of any Class of Certificates is less than the full amount that would have been distributable to such Holders if there had been sufficient RR Interest Available Funds or Non-RR Interest Available Funds, as applicable, the amount of the shortfall allocable to such Class or RR Interest, respectively, stating separately the amounts allocable to principal and interest;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance of each Class of Regular Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance on such Distribution Date and the allocation of Non-RR Interest Realized Losses and RR Interest Realized Losses, as applicable on such Distribution Date;
(v) the principal balance of the Mortgage Loan, the principal balance of each Note and the Certificate Balance of each Class of Certificates as of the end of the Collection Period for such Distribution Date and the amount of Non-RR Interest Realized Losses or RR Interest Realized Losses, as applicable, allocated to each Class;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made with respect to the Whole Loan during the related Collection Period, and the aggregate amount of such distribution payments allocable to the Certificateholders of each Class Mortgage Loan;
(and in respect vii) identification of any ComponentMortgage Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event under this Agreement that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and CREFC®, separately listing the Certificate Administrator Fee (including the portion that is the Trustee Fee), the Special Servicing Fee and the CREFC® Intellectual Property Royalty License Fee with respect to such Distribution Date;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least thirty (30) days and the date upon which any foreclosure proceedings have been commenced;
(x) whether the Mortgaged Property, as of the close of business on the Payment Date preceding such Distribution Date had become a Foreclosed Property, together with an identification of same;
(xi) information with respect to any declared bankruptcy of the Borrower or any other than Loan Party;
(xii) as to any Notional Certificates item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of any portion of the Mortgaged Property by the Borrower reported to the Certificate Administrator to the extent not already reported on the CREFC® Reports provided by the Servicer and posted on the Certificate Administrator’s Website;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer or the Trustee;
(xvi) any Appraisal Reduction Amount and any Notional Component)Trust Appraisal Reduction Amount;
(xvii) the amount of Default Interest, allocable if any, and late payment charges, if any, paid by the Loan Parties during the related Collection Period;
(xviii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates with respect to principal, separately identifying the related Distribution Date;
(xix) the aggregate amount of any Principal Prepayments included therein (including, for this purpose, unanticipated expenses of the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) Trust reimbursable or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with payable by the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), Borrower under the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Loan Agreement;
(iixx) The the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interestYield Maintenance Premium, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution if any, collected in respect of the Mortgage Loans Loan during the related Collection Period and distributed on such Distribution Date to the Certificateholders or the Companion Loan Holders; and
(xxi) the Note Rates and Net Trust Note Rates for the related Whole Loan Interest Accrual Period. The Depositor, the Trustee, the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i) and (ii) above as to the applicable Class or RR Interest, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information required by applicable laws as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year or as otherwise required by law. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled, to the extent consistent with Accepted Servicing Practices, to rely on information supplied by the Whole Loan Borrower without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices under the “Special Notices” tab and the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons (including for this purpose a Privileged Person who provides the Certificate Administrator with an Investor Certification substantially in the form of Exhibit K-2 hereto) on each Distribution Date pursuant to Section 8.15(b). The Certificate Administrator’s obligation to provide such information shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to conclusively rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Loan Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Loan Parties. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to conclusively rely on information supplied by the Loan Parties without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.15(b) reports or analyses of net operating income from the Mortgaged Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Mortgaged Property obtained by the Servicer from the Loan Parties or the Special Servicer. If so authorized by the Depositor, the Certificate Administrator may make available on its Internet website to any Privileged Person certain other information with respect to the Mortgage Loans Loan (subject to the limitations of Section 3.18). In addition, the Certificate Administrator shall make available on the preceding Due Date after giving effect to all distributions allocable to principal made on its website such Distribution Date;information as set forth in Section 8.15(b).
Appears in 7 contracts
Sources: Trust and Servicing Agreement (Benchmark 2022-B35 Mortgage Trust), Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Benchmark 2022-B34 Mortgage Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and any Borrower Related Party that certifies to the Trustee Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based in part upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for mailing each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Prepayment Charges collected on the Trust Loan and the amount thereof allocated to each CertificateholderClass of Certificates, and (c) the Trustee shall mail amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Holders of each Certificateholder Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and the Companion Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event or any Operating Advisor Termination Event that in any case has been declared as of the close of business on the second (2nd) Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days the Loan Borrower is delinquent in the event that the Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) if the Property had as of the close of business on the Loan Payment Date immediately preceding such Distribution Date become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of the Loan Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Loan Borrower;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrower during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xx) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses;
(xxi) the current Controlling Class; and
(xxii) the identity of the current Controlling Class Representative. The Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate Administrator’s Website only by virtue of its receipt and posting such information to the Certificate Administrator’s Website or its filing of such information, to the extent such information was not produced by the Certificate Administrator. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons and any Borrower Related Party that certifies to the Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Loan Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Loan Borrower. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Loan Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Privileged Person certain other information with respect to the Mortgage Loans Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the preceding Due Date after giving effect to all distributions allocable to principal made on Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 5 contracts
Sources: Trust and Servicing Agreement (3650R 2021-Pf1 Commercial Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C60), Trust and Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and any Borrower Related Party that certifies to the Trustee Certificate Administrator in the form of Exhibit Y-2 that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for mailing each Class of Certificates, (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Yield Maintenance Premiums collected on the Trust Loan and the amount thereof allocated to each CertificateholderClass of Certificates, and (c) the Trustee shall mail amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Holders of each Certificateholder Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and each Companion Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event that in any case has been declared as of the close of business on the second Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days a Loan Borrower is delinquent in the event that a Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) a list of the Properties that as of the close of business on the Loan Payment Date immediately preceding such Distribution Date had become Foreclosed Properties;
(xi) information with respect to any declared bankruptcy of any Loan Borrower or any Mezzanine Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Properties by the Loan Borrowers;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrowers during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates; and
(xx) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses. The Depositor, the Trustee, the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrowers without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons and any Borrower Related Party that certifies to the Certificate Administrator in the form of Exhibit Y-2 that it is a Certificateholder or Beneficial Owner of a Certificate, pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrowers or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Loan Borrowers or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Borrowers, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Loan Borrowers. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrowers without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Properties. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Properties obtained by the Servicer from the Loan Borrowers. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Privileged Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 4 contracts
Sources: Trust and Servicing Agreement (CSAIL 2016-C7 Commercial Mortgage Trust), Trust and Servicing Agreement (CSAIL 2016-C6 Commercial Mortgage Trust), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Ubs9)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available pursuant to Section 8.15(b) to any Privileged Person (including a Privileged Person who provides the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") Certificate Administrator with an Investor Certification substantially in the form of Exhibit J K-2 hereto) and shall deliver to the Initial Purchasers, a statement, based upon information provided by the Servicer or the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth:
(i) The for each Class of Regular Certificates (1) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate, as applicable, and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (2) the amount of any Yield Maintenance Premiums collected on the Mortgage Loan allocable to each Class of Certificates and (3) the amount of interest paid on Advances from Default Interest and allocable to such Class;
(ii) if the amount of the distribution to the Holders of any Class of Certificates was less than the full amount that would have been distributable to such Holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, respectively, stating separately the amounts allocable to principal and interest;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance of each Class of Regular Certificates after giving effect to any distribution in reduction of the Certificate Balance on such Distribution Date and the allocation of Realized Losses on such Distribution Date;
(v) the principal balance of the Mortgage Loan, the principal balance of the Notes and the Certificate Balance of each Class of Certificates as of the end of the Collection Period for such Distribution Date and the amount of Realized Losses allocated to each Class;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made with respect to the Whole Loan during the related Collection Period, and the aggregate amount of such distribution payments allocable to the Certificateholders of each Class Mortgage Loan;
(and in respect vii) identification of any ComponentMortgage Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event or any Operating Advisor Termination Event under this Agreement that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and CREFC®, separately listing the Certificate Administrator Fee (including the portion that is the Trustee Fee), the Special Servicing Fee, the Operating Advisor Fee, and the CREFC® Intellectual Property Royalty License Fee with respect to such Distribution Date;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least thirty (30) days and the date upon which any foreclosure proceedings have been commenced;
(x) whether the Mortgaged Property, as of the close of business on the Payment Date preceding such Distribution Date had become a Foreclosed Property, together with an identification of same;
(xi) information with respect to any declared bankruptcy of the Borrower, the Guarantor, the Mezzanine Borrower, the Mezzanine Party or any other than Loan Party;
(xii) as to any Notional Certificates item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of any portion of the Mortgaged Property by the Borrower reported to the Certificate Administrator to the extent not already reported on the CREFC® Reports provided by the Servicer and posted on the Certificate Administrator’s Website;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer or the Trustee;
(xvi) any Appraisal Reduction Amount and any Notional Component)Trust Appraisal Reduction Amount;
(xvii) the amount of Default Interest, allocable if any, and late payment charges, if any, paid by the Loan Parties during the related Collection Period;
(xviii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates with respect to principal, separately identifying the related Distribution Date;
(xix) the aggregate amount of any Principal Prepayments included therein (including, for this purpose, unanticipated expenses of the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) Trust reimbursable or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with payable by the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), Borrower under the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Loan Agreement;
(iixx) The the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interestYield Maintenance Premium, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution if any, collected in respect of the Mortgage Loans Loan during the related Collection Period and distributed on such Distribution Date to the Certificateholders or the Companion Loan Holders;
(xxi) the Note Rates for the related Whole Loan Interest Accrual Period and
(xxii) the Component Rates and Net Component Rates for each Component for the related Whole Loan Interest Accrual Period. The Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i) and (ii) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder, beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year or as otherwise required by law. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices under the “Special Notices” tab and the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons (including for this purpose a Privileged Person who provides the Certificate Administrator with an Investor Certification substantially in the form of Exhibit K-2 hereto) on each Distribution Date pursuant to Section 8.15(b). The Certificate Administrator’s obligation to provide such information shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to conclusively rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Loan Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Loan Parties. The Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee shall be entitled, to the extent consistent with Accepted Servicing Practices (other than in the case of the Mortgage Loans Operating Advisor, Trustee and Certificate Administrator), and absent negligence and actual knowledge of an error (in the case of the Operating Advisor, Trustee and Certificate Administrator), to conclusively rely on information supplied by the Loan Parties without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.15(b) reports or analyses of net operating income from the Mortgaged Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Mortgaged Property obtained by the Servicer from the Loan Parties or the Special Servicer. If so authorized by the Depositor, the Certificate Administrator may make available on its website to principal made any Privileged Person certain other information with respect to the Mortgage Loan (subject to the limitations of Section 3.18). The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information by virtue of its receipt and posting of such information to the Certificate Administrator’s Website or its filing of such information pursuant to this Agreement. In addition, the Certificate Administrator shall make available on its website such Distribution Date;information as set forth in Section 8.15(b).
Appears in 4 contracts
Sources: Trust and Servicing Agreement (Bank5 2025-5yr16), Trust and Servicing Agreement (Benchmark 2025-V16 Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2025-5c5)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person (and any Borrower Related Party that certifies to the Trustee Certificate Administrator in the form of Exhibit K-2 that it is a Certificateholder or Beneficial Owner of a Certificate), a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for mailing each Class of Certificates (other than the Class ELP and Class R Certificates), (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Yield Maintenance Premiums collected on the Trust Loan and the amount thereof allocated to each CertificateholderClass of Certificates, and (c) the Trustee shall mail amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Holders of each Certificateholder Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance of each Class of Certificates (other than the Class ELP and Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance on such Distribution Date and the allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the respective principal balance of the Whole Loan, the Trust Loan and each Component as of the end of the Collection Period for such distribution to the Certificateholders of each Class Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event, any Special Servicer Termination Event or any Operating Advisor Termination Event that in any case has been declared as of the close of business on the second Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Workout Fees and any other Mortgage Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee (which includes the Trustee Fee), the Special Servicing Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days the Mortgage Loan Borrowers are delinquent in the event that the Mortgage Loan Borrowers are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) if the Property had as of the close of business on the Mortgage Loan Payment Date immediately preceding such Distribution Date, had become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of any Mortgage Loan Borrower or the Guarantor;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Property by the Mortgage Loans Loan Borrowers;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Mortgage Loan Borrowers during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xx) the aggregate amount of Mortgage Loan Borrower’s Reimbursable Trust Fund Expenses;
(xxi) the Component Rate and the Net Component Rate for each Trust Loan Component during the related Whole Loan Interest Accrual Period;
(xxii) the current Controlling Class, if any;
(xxiii) the identity of the current Controlling Class Representative;
(xxiv) the weighted average of the Component Rates of the Components for the current Distribution Date and for the next Distribution Date; and
(xxv) the Component Rate and the Net Component Rate for each Trust Loan Component during the related Whole Loan Interest Accrual Period. The Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate Administrator’s Website only by virtue of its receipt and posting such information to the Certificate Administrator’s Website or its filing of such information pursuant to this Agreement, including, but not limited to, filing via ▇▇▇▇▇, to the extent such information was not produced by the Certificate Administrator. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii) and (viii) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator shall be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be entitled, to the extent consistent with Accepted Servicing Practices (in the case of the Servicer and the Special Servicer) and absent negligence and actual knowledge of an error (in the case of the Trustee and the Certificate Administrator), to rely on information supplied by the Mortgage Loan Borrowers without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices under the “Special Notices” tab and the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Mortgage Loan Borrowers or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loan Borrowers or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Mortgage Loan Borrowers, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Mortgage Loan Borrowers. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled, to the extent consistent with Accepted Servicing Practices (in the case of the Servicer and the Special Servicer) and absent negligence and actual knowledge of an error (in the case of the Trustee and the Certificate Administrator) to rely on information supplied by the Mortgage Loans Loan Borrowers without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Mortgage Loan Borrowers. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Privileged Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 4 contracts
Sources: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2025-5c5), Trust and Servicing Agreement (Bank5 2025-5yr15), Trust and Servicing Agreement (BMO 2025-5c11 Mortgage Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company shall deliver to the Trustee for mailing to each Certificateholder, Servicer and the Trustee Special Servicer, as applicable, the Certificate Administrator shall mail prepare in accordance with CREFC® guidelines as of the Closing Date and make available through its internet website, which is located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇ to each Certificateholder on such Distribution Dateany Privileged Person, a statement (eachwith respect to items not prepared by the Certificate Administrator, to the extent such items were delivered to the Certificate Administrator in a "readable, uploadable, un-corrupted and un-locked electronic format), in respect of the distributions made on such Distribution Date (a “Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (includingand specifying the source of such payments)), for this purpose, (B) the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Yield Maintenance Premiums collected on the Trust Loan allocable to Section 2.02 or 2.03(a), each Class of Certificates and (C) the proceeds amount of which purchases or substitutions are being distributed interest paid on Advances from Default Interest and allocable to such Distribution Date)Class;
(ii) The if the amount of such distribution the distributions to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentswas less than the full amount that would have been distributable to such Holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately the amounts allocable to interest and principal;
(iii) The the amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and any Monthly Payment Advance for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled Principal the Certificate Balance and or Notional Amount of each Class of Certificates (other than the aggregate number of the Mortgage Loans on the preceding Due Date Class R Certificates) after giving effect to all distributions allocable to principal made any distribution in reduction of the Certificate Balance or Notional Amount on such Distribution Date;
(v) the principal balance of the Trust Loan as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate amount of such payments allocable to the Trust Loan;
(vii) identification of any Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event that in either case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, CREFC®, the Certificate Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee, if the Certificate Administrator and the Trustee are not the same entity), the CREFC® Intellectual Property Royalty License Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period on the Whole Loan in the aggregate;
Appears in 4 contracts
Sources: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C5), Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2019-C17), Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C4)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Payment -------------------------------- Date, Special Payment Date or any other date specified herein for distribution of any payments with respect to any Series or Class of Certificates, or as soon as practicable following such Payment Date, if the Company shall deliver to the Certificate Trustee for mailing to each Certificateholder, and the Note Trustee shall mail are different entities, the Certificate Trustee will include with each distribution to each Certificateholder Holders of Certificates of such Series or Class a statement with respect to such distribution to be made on such Distribution Payment Date, a statement (eachSpecial Payment Date or other date, a "Distribution Date Statement") substantially in as the form of Exhibit J heretocase may be, setting forthforth the following information:
(i) The the amount of such distribution to the Certificateholders Holders of Certificates allocable to (a) principal, (b) premium, if any, and (c) interest, in each case per $1,000 Original Principal Amount of each Series or Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Certificates;
(ii) The the amount of such distribution any Swap Payment or Swap Revenues with respect to the Certificateholders of each Class (other than any Series or Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect aggregate outstanding principal balance of the Mortgage Loans and such other customary information as the Company deems necessary or desirable Certificates, after giving effect to enable Certificateholders payments allocated to prepare their tax returns;principal reported under (i) above; and
(iv) The Pool Scheduled Principal Balance the difference, if any, between the amount specified in (iii) above and the aggregate number principal amount scheduled to be outstanding on such date according to the Expected Amortization Schedule. On each date on which the Certificate Trustee distributes any such report to the Holders of the Mortgage Loans on Certificates of any Series or Class, the preceding Due Date Certificate Trustee shall also distribute such report to each Rating Agency to the Certificate Trustee in writing.
(b) Within a reasonable period of time after giving effect the end of each calendar year but not later than the latest date permitted by law, the Certificate Trustee shall furnish to all distributions allocable each Person who at any time during such calendar year was a Holder of record of any Series or Class of Certificates a statement containing the sum of the amounts determined pursuant to principal made on clause (a)(i) above with respect to such Distribution Date;Series or Class of Certificates for such calendar year, or, in the event such Person was a Holder of record of such Series or Class of Certificates during a portion of such calendar year, for the applicable portion of such year, and such other items as are readily available to the Certificate Trustee and which a Certificateholder shall reasonably request as necessary for the purpose of such Certificateholder's preparation of its Federal income tax returns.
Appears in 3 contracts
Sources: Trust Agreement (Pg&e Funding LLC), Trust Agreement (Sce Funding LLC), Declaration and Agreement of Trust (Sdg&e Funding LLC a De Limited Liability Co)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based upon the Company loan-level information provided by the Servicer and/or the Special Servicer, as applicable, as otherwise required in this Agreement, the Certificate Administrator shall deliver prepare and make available through its internet website, which is located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇, to any Privileged Person (including a Privileged Person who provides the Trustee for mailing to each CertificateholderCertificate Administrator with an Investor Certification substantially in the form of Exhibit J-2 hereto) , and a statement in respect of the Trustee shall mail to each Certificateholder distributions made on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, N setting forth, among other things:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (includingand specifying the source of such payments)), for this purpose, (B) the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Yield Maintenance Default Premiums collected on the Trust Loan allocable to Section 2.02 or 2.03(a), each Class of Certificates and (C) and the proceeds amount of which purchases or substitutions are being distributed interest paid on Advances from Default Interest and allocable to such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) The the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan and each Companion Loan as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made with respect to the Mortgage Loan during the related Collection Period, and the amount of such payments allocable to the Trust Loan;
(vii) identification of any Mortgage Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Related Party charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator and the Trustee, separately listing the Trustee/Certificate Administrator Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least thirty (30) days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a REO Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period on the Mortgage Loan and the amount of such payments allocable to the Trust Loan;
(xiii) the aggregate amount of all Advances, if any, not yet reimbursed;
(xiv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xv) a listing of any Appraisal Reduction Amount with respect to the Mortgage Loan and Trust Appraisal Reduction Amount with respect to the Trust Loan;
(xvi) the amount of Default Interest, if any, and late payment charges, if any, paid by the Borrower during the related Collection Period on the Mortgage Loan in respect the aggregate and the aggregate amount of such payments allocable to the Trust Loan;
(xvii) the aggregate amount of Borrower Reimbursable Trust Expenses;
(xviii) the amount of Yield Maintenance Default Premiums, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of each Class of Certificates;
(xix) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xx) the amount of any CREFC® Licensing Fee payable on the related Remittance Date with respect to the related Loan Interest Accrual Period;
(xxi) the Note Rate and Net Trust Note Rate for each Trust Note and the related Mortgage Loans Loan Interest Accrual Period; and
(xxii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer per Section 3.18(d) hereof. The Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that during a Subordinate Control Period, no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and the Controlling Class Representative) without the prior written consent of the Controlling Class Representative. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii) and (iv) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Trustee deems necessary or desirable desirable, or that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make available to Privileged Persons on each Distribution Date, pursuant to Section 8.14(b), (i) the CREFC® Reports with respect to such Distribution Date received from the Servicer pursuant to Section 3.18(a) and (ii) when received from the Special Servicer, the summary of the Asset Status Report received from the Special Servicer pursuant to Section 3.10. The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Borrower. The Certificate Administrator will be entitled to rely on all information provided to it by the Trustee, the Servicer or the Special Servicer for which it is not the original source without independent verification. The Servicer, the Special Servicer and the Certificate Administrator shall be entitled to rely on information supplied by the Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to the Initial Purchaser, the Servicer, the Special Servicer and each Certificateholder certain other information with respect to the Mortgage Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Website pursuant to Section 8.14(b)). The Certificate Administrator shall make available on its website such information as set forth in Section 8.14(b) herein. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and posting of such information to the Certificate Administrator’s Website. For purposes of obtaining access to information in the possession of the Mortgage Loans on Certificate Administrator and/or receiving any information or report from the preceding Due Certificate Administrator’s Website (including accessing the Investor Q&A Forum), other than Distribution Date after giving effect Statements only, the Borrower Related Parties and the Manager, or any of their respective agents or Affiliates (as evidenced by its submission of an Investor Certification in the form of Exhibit J-2 hereto) shall be deemed to all distributions allocable to principal made on such Distribution Date;not be a “Privileged Person” as defined herein.
Appears in 3 contracts
Sources: Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Bnk2), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer and/or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and provide or make available pursuant to Section 8.14(b) to any Privileged Person a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, P setting forth:
(i) The for each Class of Regular Certificates the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, and specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelysuch payments)), and any amounts deposited pursuant the amount of interest paid on Advances from Default Interest and allocable to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to principal and interest;
(iii) The the amount of any Monthly Interest Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Regular Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan (or any REO Trust Loan) and the Mortgage Loan (or any REO Mortgage Loan), respectively, as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;
(vii) identification of any Mortgage Loan Event of Default, Special Servicing Loan Event, Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event under this Agreement, that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor, separately listing the Trustee/Certificate Administrator Fee (which includes the Trustee Fee), the Servicing Fee, the Special Servicing Fee and the Operating Advisor Fee;
(ix) the number of days the Borrower Related Parties are delinquent in the event that the Borrower Related Parties are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) a list of each Property that, as of the close of business on the Payment Date immediately preceding such Distribution Date, had become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of any Borrower Related Party;
(xii) as to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the month preceding related Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Properties by the Borrower Related Parties as of the end of the related Collection Period;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;
(xvi) an itemized report identifying any Cumulative Appraisal Reduction Amount and the amount of the Cumulative allocated to each Class of Principal Balance Certificates as of such Distribution Date;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Related Party during the related Collection Period;
(xviii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses that were paid by or on behalf of the Borrower during the related Collection Period and that remain unpaid as of the end of the related Collection Period;
(xix) the amount of Yield Maintenance Premiums, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of the respective Classes of the Regular Certificates entitled thereto;
(xx) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xxi) the amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;
(xxii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the related Collection Period to the extent provided by the Special Servicer to the Certificate Administrator pursuant to this Agreement; and
(xxiii) identification of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control Period or CCR Consultation Period. The Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and any applicable Consenting Party) without the prior written consent of such Consenting Party. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (xix) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower Restricted Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower Restricted Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower Restricted Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Borrower Restricted Parties. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be entitled, to the extent such reliance is consistent with Accepted Servicing Practices (in the case of the Mortgage Loans Servicer and the Special Servicer) and absent negligence and actual knowledge of an error (in the case of the Trustee and the Certificate Administrator), to rely on information supplied by any Borrower Restricted Parties without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Properties. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Properties obtained by the Servicer from the Borrower Restricted Parties. At the reasonable request and authorization by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 3 contracts
Sources: Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2022-C62), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer and the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare in accordance with CREFC® guidelines as of the Closing Date and forward or make available through its internet website, which is located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇ to any Privileged Person (including for this purpose, the property manager, Borrower Related Parties and any of their respective Affiliates), a statement, prepared by the Certificate Administrator, based upon information supplied to it by the Servicer and the Special Servicer, as applicable (with respect to items not prepared by the Certificate Administrator, to the Trustee for mailing extent such items were delivered to each Certificateholderthe Certificate Administrator in a readable, uploadable, un-corrupted and un-locked electronic format), in respect of the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, and specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans such payments)) and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b(B) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Yield Maintenance Premiums collected on the Trust Loan allocable to Section 2.02 or 2.03(a), the proceeds each Class of which purchases or substitutions are being distributed on such Distribution Date)Certificates;
(ii) The if the amount of such distribution the distributions to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentswas less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) The the amount of servicing any Monthly Payment Advance on the Trust Loan for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan and the Senior Pari Passu Companion Loans as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate amount of such payments allocable to the Trust Loan;
(vii) identification of any Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in either case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Company Servicer, the Special Servicer, CREFC®, the Certificate Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee), the CREFC® License Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) [reserved];
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed, and the amount of interest paid on Advances since the prior Distribution Date (and the amount of interest at the Default Rate, if any, used to pay such interest on Advances);
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) the amount of interest at the Default Rate, if any, and late payment charges, if any, paid by the Borrower during the related Collection Period;
(xviii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses; and
(xix) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer per Section 3.18(d) hereof. The Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Mortgage Loans Distribution Date Statement without Certificateholder approval. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (viii) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make available to Privileged Persons on each Distribution Date, pursuant to Section 8.14(b), (i) the CREFC® Reports with respect to such Distribution Date received from the Servicer pursuant to Section 3.18(a) and (ii) when received from the Special Servicer, the summary of the Asset Status Report received from the Special Servicer pursuant to Section 3.10. The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Borrower. The Servicer, the Special Servicer and the Certificate Administrator shall be entitled to rely on information supplied by the Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on its internet website to the Initial Purchasers, the Servicer, the Special Servicer and each Certificateholder certain other information with respect to the Mortgage Loans Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on the preceding Due Date after giving effect to all distributions allocable to principal made on its website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 3 contracts
Sources: Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P6), Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30)
Statements to Certificateholders. Each month, at least two Business Days prior to On each Distribution Date, the Company shall deliver to the Trustee for mailing to each Certificateholder, and Date the Trustee shall forward or cause to be forwarded by mail to each Certificateholder on such Distribution Date, Holder of a Certificate and to the Depositor and the Master Servicer a statement (each, a "Distribution Date Statement") substantially in as to such distribution setting forth the form following information as to each Class of Exhibit J hereto, setting forthCertificates to the extent applicable:
(i) The (a) the applicable record dates, accrual periods, determination dates for calculating distributions and general distribution dates;
(ii) the total cash flows received and the general sources thereof;
(iii) the related amount of such the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;
(iv) [the amount of any net swap payment payable to the Derivative Administrator, any Net Swap Payment payable to the Swap Provider, any swap termination payment payable to the derivative administrator and any Swap Termination Payment payable to the Swap Provider;]
(v) the amount of the related distribution to the Certificateholders Holders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein and (includingC) the Extra Principal Distribution Amount (if any);
(vi) the amount of such distribution to Holders of each Class allocable to interest;
(vii) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest and the portion thereof, if any, provided by the Derivative Administration Agreement;
(viii) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for this purposeeach Class of Certificates;
(ix) if the distribution to the Certificateholders of such Class is less than the full amount that would be distributable to such Certificateholders if there were sufficient funds available therefor, the Scheduled amount of the shortfall;
(x) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xi) the aggregate Certificate Principal Balances Balance of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant each Class of Certificates, after giving effect to Section 2.02, 2.03(b) or 3.16, respectively, and any the amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(iixii) The amount of such distribution to the Certificateholders of each Class (other than any Class of related Subordinate Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsDistribution Amount;
(iiixiii) The the amount of servicing compensation Servicing Fees paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsMaster Servicer;
(ivxiv) The Pool Scheduled Principal Balance 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) one month, (B) two months and (C) three months, and the number and aggregate number principal balance of the Mortgage Loans on that are in foreclosure;
(xv) the preceding Due Date number, aggregate principal balance and book value of any REO Properties;
(xvi) the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect to all distributions allocable to principal the distribution made on such Distribution Date;
(xvii) 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; (xviii) the Pass-Through Rate on the Class A-7 Certificates for such Distribution Date;
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MortgageIT Securities Corp.), Pooling and Servicing Agreement (MortgageIT Securities Corp.), Pooling and Servicing Agreement (MortgageIT Securities Corp.)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and the Loan Borrower or any affiliate of the Loan Borrower that certifies that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Prepayment Fees collected on the Trust Loan and the amount thereof allocated to each Class of Certificates, and (c) the amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Trustee Holders of each Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for mailing such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the Class R Certificates) after giving effect to each Certificateholderany distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the Trustee shall mail to each Certificateholder allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event that in any case has been declared as of the close of business on the second Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Workout Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days the Loan Borrower is delinquent in the event that the Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) if the Property had as of the close of business on the Loan Payment Date immediately preceding such Distribution Date become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of the Loan Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) the aggregate amount of all Advances, if any, not yet reimbursed;
(xiv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xv) a report identifying any Appraisal Reduction Amount;
(xvi) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrower during the related Collection Period;
(xviii) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xix) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses;
(xx) the current Controlling Class, if any; and
(xxi) the identity of the Mortgage Loans current Controlling Class Representative. The Depositor, the Trustee, the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and posting of such information to the Certificate Administrator’s Website. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Loan Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Loan Borrower. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Loan Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Privileged Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (JPMDB Commercial Mortgage Securities Trust 2017-C5), Trust and Servicing Agreement (GS Mortgage Securities Trust 2017-Gs5)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer and/or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and provide or make available pursuant to Section 8.14(b) to any Privileged Person a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, P setting forth:
(i) The for each Class of Regular Certificates, the amount of the distributions made on such distribution Distribution Date allocable to interest at the Certificateholders of each Class Pass-Through Rate and the amount allocable to principal (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelysuch payments)), and any amounts deposited pursuant the amount of interest paid on Advances from Default Interest and allocable to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or is less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such portion of any Accrual ComponentsClass of Certificates, stating separately the amounts allocable to principal and interest;
(iii) The the amount of any Monthly Interest Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Regular Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan (or any REO Trust Loan) and the Mortgage Loan (or any REO Mortgage Loan), respectively, as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;
(vii) identification of any Mortgage Loan Event of Default, Special Servicing Loan Event, Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event under this Agreement, that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor, separately listing the Trustee/Certificate Administrator Fee (which includes the Trustee Fee), the Servicing Fee, the Special Servicing Fee and the Operating Advisor Fee;
(ix) the number of days the Borrower Related Parties are delinquent in the event that the Borrower Related Parties are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) identification of whether the Property, as of the close of business on the Payment Date immediately preceding such Distribution Date, had become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of any Borrower Related Party;
(xii) as to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the month preceding related Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Borrower Related Parties as of the end of the related Collection Period;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;
(xvi) an itemized report identifying any Appraisal Reduction Amount and the amount of the Appraisal Reduction Amount allocated to each Class of Principal Balance Certificates as of such Distribution Date;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Related Party during the related Collection Period;
(xviii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses that were paid by or on behalf of the Borrower during the related Collection Period and that remain unpaid as of the end of the related Collection Period;
(xix) the amount of Yield Maintenance Premiums, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of the respective Classes of the Regular Certificates;
(xx) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xxi) the amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;
(xxii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the related Collection Period to the extent provided to the Certificate Administrator pursuant to this Agreement; and
(xxiii) identification of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control Period or CCR Consultation Period. The Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and any applicable Consenting Party) without the prior written consent of such Consenting Party. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (xix) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower Restricted Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower Restricted Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower Restricted Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Borrower Restricted Parties. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be entitled, consistent with Accepted Servicing Practices (in the case of the Mortgage Loans Servicer and the Special Servicer) and absent negligence and actual knowledge of an error (in the case of the Trustee and the Certificate Administrator), to rely on information supplied by any Borrower Restricted Parties without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Borrower Restricted Parties. At the reasonable request and authorization by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (BBCMS Mortgage Trust 2022-C15), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company Trustee shall deliver to the Trustee for mailing make available electronically via its Internet Website or, upon written request, by first class mail, to each Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee shall mail Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the Special Servicer, the Underwriters, each Certificateholder on such Distribution DateRating Agency and any other Person designated in writing by the Depositor, a statement (each, a "Distribution Date Statement") substantially ), as to the distributions made on such Distribution Date, based solely on information provided to it by the Master Servicer and the Special Servicer. Each Distribution Date Statement shall be in the form of form, and set forth the information, specified on Exhibit J heretoN hereto and, setting in any event, shall set forth:
(i) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (and of Sequential Pay Certificates in respect reduction of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Class Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Balance thereof;
(ii) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (other than any Class of Principal Only Certificates) Regular Certificates allocable to interest, including any Accrual Amount added to the Class Distributable Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsInterest;
(iii) The the amount of the distribution on such Distribution Date to the Holders of each Class of Regular Certificates allocable to Prepayment Premiums and/or Yield Maintenance Charges;
(iv) the amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reimbursement of previously allocated Realized Losses and Additional Trust Fund Expenses;
(v) the Available Distribution Amount for such Distribution Date;
(a) the aggregate amount of P&I Advances made, and made in respect of each Loan Group, in respect of such Distribution Date pursuant to Section 4.03(a), including, without limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the aggregate amount of ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances, and in respect of each Loan Group, that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicer or the Trustee in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances, and in respect of each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances, and in respect of each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of the Master Servicer or Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a brief description of any executed loan modification;
(xii) with respect to any Trust Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period (other than a payment in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in connection with such Liquidation Event;
(xiii) with respect to any REO Property included in the Trust Fund as to which a Final Recovery Determination was made during the related Collection Period, (A) the loan number of the related Trust Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Final Recovery Determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in respect of the related Trust REO Loan in connection with such Final Recovery Determination;
(xiv) the Accrued Certificate Interest and Distributable Certificate Interest in respect of each Class of Regular Certificates for such Distribution Date;
(xv) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates after giving effect to the distributions made on such Distribution Date;
(xvi) the Pass-Through Rate for each Class of Regular Certificates for such Distribution Date;
(xvii) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xviii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xix) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xx) the Class Principal Balance, Class XC Notional Amount or Class XP Notional Amount, as applicable, of each Class of Regular Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxi) the Certificate Factor for each Class of Regular Certificates immediately following such Distribution Date;
(xxii) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer and the Trustee during the related Collection Period in accordance with Section 4.03(d);
(xxiii) the aggregate amount of interest on Servicing Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer and the Trustee during the related Collection Period in accordance with Section 3.03(d);
(xxiv) the aggregate amount of servicing compensation paid to the Company Master Servicer and the Special Servicer during the month preceding related Collection Period;
(xxv) the month of distribution in respect loan number for each Trust Required Appraisal Mortgage Loan and any related Appraisal Reduction Amount as of the Mortgage Loans related Determination Date;
(xxvi) the original and then current credit support levels for each Class of Regular Certificates;
(xxvii) the original and then current ratings known to the Trustee for each Class of Regular Certificates;
(xxviii) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxix) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation; and
(xxx) the amounts, if any, actually distributed with respect to the Class Z Certificates, the Class R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date. In the case of information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xiii), and (xxiv) above, insofar as the underlying information is solely within the control of the Special Servicer, the Trustee and the Master Servicer may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer. The Trustee may conclusively rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). On each Distribution Date, the Trustee shall make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this Section. None of the Trustee, the Master Servicer or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall send to each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of "Distribution Date Statement" above and such other customary information as the Company deems necessary or desirable may be required to enable such Certificateholders to prepare their federal income tax returns;. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate Owner upon the request of such Certificate Owner made in writing to the Corporate Trust Office (accompanied by current verification of such Certificate Owner's ownership interest). Such portion of such information as may be agreed upon by the Depositor and the Trustee shall be furnished to any such Person via overnight courier delivery or telecopy from the Trustee; provided that the cost of such overnight courier delivery or telecopy shall be an expense of the party requesting such information.
(iva) The Pool Scheduled Principal Balance to the extent it receives the necessary underlying information from the Special Servicer or Master Servicer, as applicable, and shall not be liable for any failure to deliver any thereof on the prescribed due dates, to the extent caused by failure to receive timely such underlying information. Nothing herein shall obligate the Trustee or the Master Servicer to violate any applicable law prohibiting disclosure of information with respect to any Mortgagor and the aggregate number failure of the Mortgage Loans Trustee, Master Servicer or the Special Servicer to disseminate information for such reason shall not be a breach hereof.
(b) In the performance of its obligations set forth in Section 4.05 and its other duties hereunder, the Trustee may, absent bad faith, conclusively rely on reports provided to it by the preceding Due Date after giving effect Master Servicer, and the Trustee shall not be responsible to all distributions allocable recompute, recalculate or verify the information provided to principal made on such Distribution Date;it by the Master Servicer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer and the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare in accordance with CREFC® guidelines as of the Closing Date and forward or make available through its internet website, which is located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇ to any Privileged Person, a statement, prepared by the Certificate Administrator, based upon information supplied to it by the Servicer and the Special Servicer, as applicable (with respect to items not prepared by the Certificate Administrator, to the Trustee for mailing extent such items were delivered to each Certificateholderthe Certificate Administrator in a readable, uploadable, un-corrupted and un-locked electronic format), in respect of the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the amount of any principal payments (and specifying the source of such payments)), (B) the amount of any Yield Maintenance Premiums collected on the Trust Loan allocable to each Class of Certificates and (C) and the amount of interest paid on Advances from Default Interest and allocable to such Class;
(ii) if the distribution to the Holders of any Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance on such Distribution Date;
(v) the principal balance of the Trust Loan as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate amount of such distribution payments allocable to the Certificateholders of each Class Trust Loan;
(and in respect vii) identification of any ComponentLoan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in either case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, CREFC®, the Certificate Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee, if the Certificate Administrator and the Trustee are not the same entity), the CREFC® Intellectual Property Royalty License Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower or any Mezzanine Party;
(xii) as to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other than amounts, if any, received therefrom during the related Collection Period;
(xiii) the aggregate amount of all Advances, if any, not yet reimbursed;
(xiv) the amount of any Notional Certificates reimbursement of Nonrecoverable Advances paid to the Servicer;
(xv) a report identifying any Appraisal Reduction Amount;
(xvi) the amount of Default Interest, if any, and any Notional Component)late payment charges, allocable to principalif any, separately identifying paid by the Borrower during the related Collection Period on the Whole Loan in the aggregate;
(xvii) the aggregate amount of any Principal Prepayments included therein (including, for this purpose, Trust Fund Expenses reimbursable or payable by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelyBorrower under the Loan Agreement, and any the amounts deposited pursuant to Section 2.03(b) collected from the Borrower in connection with the substitution respect of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Trust Fund Expenses;
(xviii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer per Section 3.18(d) hereof. The Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) The amount and (viii) above as to the applicable Class, aggregated for such calendar year or applicable portion of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interestyear during which such Person was a Certificateholder, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make available to Privileged Persons on each Distribution Date, pursuant to Section 8.14(b), (i) the CREFC® Reports with respect to such Distribution Date received from the Servicer pursuant to Section 3.18(a) and (ii) when received from the Special Servicer, the summary of the Asset Status Report received from the Special Servicer pursuant to Section 3.10. The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Borrower. The Servicer, the Special Servicer and the Certificate Administrator shall be entitled to rely on information supplied by the Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on its internet website to principal made the Initial Purchasers, the Servicer, the Special Servicer and each Certificateholder certain other information with respect to the Whole Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on its website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (CSAIL 2018-C14 Commercial Mortgage Trust), Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2018-C12)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company shall deliver to the Trustee for mailing to each Certificateholder, Servicer and the Trustee Special Servicer, as applicable, the Certificate Administrator shall mail prepare in accordance with CREFC® guidelines as of the Closing Date and make available through its website, which is located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇ to each Certificateholder on such Distribution Dateany Privileged Person, a statement (eachwith respect to items not prepared by the Certificate Administrator, to the extent such items were delivered to the Certificate Administrator in a "readable, uploadable, un-corrupted and un-locked electronic format), in respect of the distributions on such Distribution Date (a “Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (includingand specifying the source of such payments)), for this purpose, (B) the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Liquidated Damages Amounts collected on the Trust Loan allocable to Section 2.02 or 2.03(a), each Class of Certificates and (C) and the proceeds amount of which purchases or substitutions are being distributed interest paid on Advances from Default Interest and allocable to such Distribution Date)Class;
(ii) The if the amount of such distribution the distributions to the Certificateholders Holders of each Class (other of Certificates was less than any Class the full amount that would have been distributable to such Holders if there had been sufficient Non-RR Interest Available Funds or RR Interest Available Funds, as applicable, the amount of Principal Only Certificates) the shortfall allocable to interestsuch Class or RR Interest, including any Accrual Amount added stating separately the amounts allocable to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Componentsinterest and principal;
(iii) The the amount of servicing any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance of each Class of Certificates (other than the Class R Certificates), after giving effect to any distribution in reduction of the Certificate Balance on such Distribution Date and the allocation of the Non-RR Interest Realized Losses or RR Interest Realized Losses, as applicable, on such Distribution Date;
(v) the principal balance of the Trust Loan, the principal balance of each Note and the Certificate Balance of each Class of Certificates as of the end of the Collection Period for such Distribution Date and the amount of the Non-RR Interest Realized Losses or RR Interest Realized Losses, as applicable, allocated to each Class of Certificates;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate amount of such payments allocable to the Trust Loan;
(vii) identification of any Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in either case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Company Servicer, the Special Servicer, CREFC®, the Certificate Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee, if the Certificate Administrator and the Trustee are not the same entity), the CREFC® Intellectual Property Royalty License Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least thirty (30) days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) the aggregate amount of all Advances, if any, not yet reimbursed;
(xiv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer or the Trustee, as applicable;
(xv) a report identifying any Appraisal Reduction Amount;
(xvi) the amount of Default Interest, if any, and late payment charges, if any, paid by the Borrower during the related Collection Period on the Whole Loan in the aggregate;
(xvii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses and the amount collected from the Borrower in respect of such Trust Fund Expenses;
(xviii) the Mortgage Loans Additional Interest Distribution Amount and the effective rate for the Additional Interest Certificates; and
(xix) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer per Section 3.18(d) hereof. The Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (viii) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make available to Privileged Persons on each Distribution Date, pursuant to Section 8.14(b), (i) the CREFC® Reports with respect to such Distribution Date received from the Servicer pursuant to Section 3.18(a) and (ii) when received from the Special Servicer, the summary of the Asset Status Report received from the Special Servicer pursuant to Section 3.10. The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Borrower. The Servicer, the Special Servicer and the Certificate Administrator shall be entitled to rely on information supplied by the Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on its website to principal made the Initial Purchasers, the Servicer, the Special Servicer and each Certificateholder certain other information with respect to the Whole Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on its website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (Bank 2020-Bnk25), Trust and Servicing Agreement (Bank 2019-Bnk23)
Statements to Certificateholders. Each month, at least two Business Days prior to On each Distribution Date, the Company Servicer shall deliver prepare and furnish to the Trustee for mailing and the Paying Agent, and the Paying Agent shall include with the distribution to each Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J heretoE, based on information in the certificate furnished pursuant to Section 13.9, setting forth:forth for the related Collection Period the following information
(i) The the amount of such the distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying principal on the aggregate amount of any Principal Prepayments included therein (including, for this purpose, Class A Certificates and the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class B Certificates;
(ii) The the amount of such the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to interest on the Class Certificate Principal Balance or Component Principal Balance of any A Certificates and the Class of Accrual Certificates or any Accrual ComponentsB Certificates;
(iii) The the amount of servicing compensation the Servicing Fee paid to the Company during Servicer with respect to the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsrelated Collection Period;
(iv) The the Class A Certificate Balance, the Class A Pool Scheduled Principal Factor, the Class B Certificate Balance and the aggregate number Class B Pool Factor as of the Mortgage Loans on the preceding Due Date such Distribution Date, after giving effect to all distributions allocable payments allocated to principal made reported pursuant to clause (i) above;
(v) the Pool Balance as of the close of business of the Servicer on the last day of the preceding Collection Period;
(vi) the amount of the aggregate Realized Losses, if any, for such Collection Period;
(vii) the aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer;
(viii) the balance of the Reserve Account on such Distribution Date;, after giving effect to changes therein on such Distribution Date; and
(ix) the Specified Reserve Account Balance as of the close of business on such Distribution Date. Each amount set forth pursuant to clauses (i), (ii) and (iv) above shall be expressed in the aggregate and as a dollar amount per $1,000 of original denomination of a Certificate. Within a reasonable period of time after the end of each calendar year, but not later than the latest date permitted by law, the Servicer shall prepare and furnish to the Trustee and the Paying Agent, and the Paying Agent shall furnish to each Person who at any time during such calendar year shall have been a Certificateholder, a statement containing the sum of the amounts determined in clauses (i) and (ii) for such calendar year, for the purposes of such Certificateholder's preparation of federal income tax returns.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Usaa Federal Savings Bank), Pooling and Servicing Agreement (Usaa Federal Savings Bank)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer and/or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and provide or make available pursuant to Section 8.14(b) to any Privileged Person a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, P setting forth:
(i) The for each Class of Principal Balance Certificates, the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, and specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelysuch payments)), and any amounts deposited pursuant the amount of interest paid on Advances from Default Interest and allocable to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class , stating separately the amounts allocable to principal and interest;
(iii) The the amount of any Monthly Interest Payment Advance for such Distribution Date;
(iv) the Certificate Balance of each Class of Principal Balance Certificates after giving effect to any distribution in reduction of such Certificate Balance on such Distribution Date;
(v) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;
(vi) identification of any Mortgage Loan Event of Default, Special Servicing Loan Event, Operating Advisor Termination Event, Servicer Termination Event or Special Servicer Termination Event under this Agreement, that in any case has been declared as of the close of business on the second (2nd) Business Day prior to the end of the immediately preceding calendar month;
(vii) the principal balance of the Trust Loan (including, without limitation, all or any portion thereof that constitutes an REO Trust Loan) and the Mortgage Loan (including, without limitation, all or any portion thereof that constitutes an REO Mortgage Loan) as of the end of the Collection Period for such Distribution Date;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Company Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, separately listing the Trustee/Certificate Administrator Fee (which includes the Trustee Fee), the Servicing Fee, the Special Servicing Fee and the Operating Advisor Fee;
(ix) the number of days the Borrower Related Parties are delinquent in the event that the Borrower Related Parties are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) a list of each Property that as of the close of business on the Payment Date immediately preceding such Distribution Date had become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of any Borrower Related Party;
(xii) as to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the month preceding related Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Properties by the Borrower Related Parties as of the end of the related Collection Period;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;
(xvi) an itemized report identifying any Appraisal Reduction Amount, Collateral Deficiency Amount and/or Cumulative Appraisal Reduction Amount and the amount of the Cumulative Appraisal Reduction Amount allocated to each Class of Principal Balance Certificates as of such Distribution Date;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Related Party during the related Collection Period;
(xviii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses;
(xix) the amount of Yield Maintenance Premium, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of the Principal Balance Certificates;
(xx) [reserved];
(xxi) [reserved];
(xxii) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xxiii) the amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;
(xxiv) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer pursuant to this Agreement; and
(xxv) identification of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control Period or CCR Consultation Period. The Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and any applicable Consenting Party) without the prior written consent of each Consenting Party. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (xix) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower Restricted Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower Restricted Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower Restricted Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Borrower Restricted Parties. The Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, to the extent consistent with Accepted Servicing Practices (in the case of the Mortgage Loans Operating Advisor, the Servicer and the Special Servicer) and absent negligence and actual knowledge of an error (in the case of the Trustee and the Certificate Administrator), shall be entitled to rely in good faith on information supplied by any Borrower Restricted Parties and shall have no duty to investigate or verify the accuracy thereof. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Properties. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Properties obtained by the Servicer from the Borrower Restricted Parties. At the reasonable request and authorization by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (Bank5 2025-5yr16), Trust and Servicing Agreement (BBCMS Mortgage Trust 2025-5c36)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer and/or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and provide or make available pursuant to Section 8.14(b) to any Privileged Person a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, P setting forth:
(i) The for each Class of Regular Certificates the amount of the distributions made on such distribution Distribution Date allocable to interest (except in the Certificateholders case of each the Class VRR Certificates) at the Pass-Through Rate and the amount allocable to principal (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelysuch payments)), and any amounts deposited pursuant the amount of interest paid on Advances from Default Interest and allocable to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Aggregate Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to principal and interest;
(iii) The the amount of any Monthly Interest Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Regular Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan (or any REO Trust Loan) and the Mortgage Loan (or any REO Mortgage Loan), respectively, as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;
(vii) identification of any Mortgage Loan Event of Default, Special Servicing Loan Event, Servicer Termination Event or Special Servicer Termination Event under this Agreement, that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator and the Trustee, separately listing the Trustee/Certificate Administrator Fee (which includes the Trustee Fee), the Servicing Fee and the Special Servicing Fee;
(ix) the number of days the Borrower Related Parties are delinquent in the event that the Borrower Related Parties are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) identification of whether the Property, as of the close of business on the Payment Date immediately preceding such Distribution Date, had become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of any Borrower Related Party;
(xii) as to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the month preceding related Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Borrower Related Parties as of the end of the related Collection Period;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;
(xvi) an itemized report identifying any Appraisal Reduction Amount and the amount of the Appraisal Reduction Amount allocated to each Class of Principal Balance Certificates as of such Distribution Date;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Related Party during the related Collection Period;
(xviii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses that were paid by or on behalf of the Borrower during the related Collection Period and that remain unpaid as of the end of the related Collection Period;
(xix) the amount of Prepayment Fees, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of the respective Classes of the Regular Certificates entitled thereto;
(xx) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xxi) the amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;
(xxii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the related Collection Period to the extent provided to the Certificate Administrator pursuant to this Agreement;
(xxiii) identification of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control Period or CCR Consultation Period;
(xxiv) a statement that there is available on the Certificate Administrator’s Website information regarding ongoing compliance by each Retaining Party with the Retention Covenant and the Hedging Covenant under the EU Securitization Laws and the UK Securitization Laws, which shall be posted on the Certificate Administrator’s Website. The Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and any applicable Consenting Party) without the prior written consent of such Consenting Party. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (xix) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower Restricted Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower Restricted Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower Restricted Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Borrower Restricted Parties. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be entitled to rely on information supplied by any Borrower Restricted Parties without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Borrower Restricted Parties. At the reasonable request and authorization by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loans Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on the preceding Due Date after giving effect to all distributions allocable to principal made on Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (Bank 2021-Bnk33), Trust and Servicing Agreement (Benchmark 2021-B25 Mortgage Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer and/or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and provide or make available pursuant to Section 8.14(b) to any Privileged Person a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, P setting forth:
(i) The for each Class of Principal Balance Certificates, the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, and specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelysuch payments)), and any amounts deposited pursuant the amount of interest paid on Advances from Default Interest and allocable to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately the amounts allocable to principal and interest;
(iii) The the amount of any Monthly Interest Payment Advance for such Distribution Date;
(iv) the Certificate Balance of each Class of Principal Balance Certificates after giving effect to any distribution in reduction of such Certificate Balance on such Distribution Date;
(v) the principal balance of the Trust Loan (or any REO Trust Loan) and the Mortgage Loan (or any REO Mortgage Loan) and each Trust Loan Component (including, without limitation, all or any portion thereof that constitutes an REO Trust Loan) as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;
(vii) for the current Distribution Date and for the next Distribution Date, (A) the Component Rate, the Net Component Rate and the Adjusted Net Component Rate for each Trust Loan Component and (B) the Interest Rate for the Mortgage Loan;
(viii) identification of any Mortgage Loan Event of Default or any Special Servicing Loan Event, Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event under this Agreement, that in any case has been declared as of the close of business on the second (2nd) Business Day prior to the end of the immediately preceding calendar month;
(ix) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor, separately listing the Trustee/Certificate Administrator Fee (which includes the Trustee Fee), the Servicing Fee, the Special Servicing Fee and the Operating Advisor Fee;
(x) the number of days the Borrower Related Parties are delinquent in the event that the Borrower Related Parties are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(xi) as to whether the Property, as of the close of business on the Payment Date immediately preceding such Distribution Date, had become a Foreclosed Property;
(xii) information with respect to any declared bankruptcy of any Borrower Related Party;
(xiii) as to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the month preceding related Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiv) a list of conveyances or transfers of the Mortgage Loans Property by the Borrower Related Parties as of the end of the related Collection Period;
(xv) the aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;
(xvi) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;
(xvii) an itemized report identifying any Appraisal Reduction Amount, Collateral Deficiency Amount and/or Cumulative Appraisal Reduction Amount and the amount of the Cumulative Appraisal Reduction Amount allocated to each Class of Principal Balance Certificates as of such Distribution Date;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Related Party during the related Collection Period;
(xix) the aggregate amount of Borrower Reimbursable Trust Fund Expenses;
(xx) the amount of Yield Maintenance Premiums, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of any Class of Certificates entitled thereto;
(xxi) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xxii) the amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;
(xxiii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer pursuant to this Agreement; and
(xxiv) identification of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control Period or CCR Consultation Period. The Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and any applicable Consenting Party) without the prior written consent of each Consenting Party. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower Restricted Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower Restricted Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower Restricted Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Borrower Restricted Parties. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator, to the extent consistent with Accepted Servicing Practices (in the case of the Mortgage Loans Servicer and the Special Servicer) and absent negligence and actual knowledge of an error (in the case of the Trustee and the Certificate Administrator), shall be entitled to rely in good faith on information supplied by any Borrower Restricted Parties and shall have no duty to investigate or verify the accuracy thereof. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Borrower Restricted Parties. At the reasonable request and authorization by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (Bank 2025-Bnk49), Trust and Servicing Agreement (BMO 2025-C11 Mortgage Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and Borrower Related Party that certifies that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for each Class of Certificates, (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Yield Maintenance Default Premiums collected on the Trust Loan and the amount thereof allocated to each Class of Certificates, and (c) the amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Trustee Holders of each Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for mailing such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates after giving effect to each Certificateholderany distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the Trustee shall mail to each Certificateholder allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and each Companion Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event that in any case has been declared as of the close of business on the second Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days a Loan Borrower is delinquent in the event that a Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) a list of the Properties as of the close of business on the Loan Payment Date immediately preceding such Distribution Date had become Foreclosed Properties;
(xi) information with respect to any declared bankruptcy of any Loan Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Properties by the Loan Borrowers;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrowers during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xx) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses; and
(xxi) the identity of the Controlling Class. The Depositor, the Trustee, the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and posting of such information to the Certificate Administrator’s website. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrowers without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrowers or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Loan Borrowers or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Borrowers, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Loan Borrowers. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrowers without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Properties. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Properties obtained by the Servicer from the Loan Borrowers. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Privileged Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (GS Mortgage Securities Trust 2016-Gs3), Trust and Servicing Agreement (Gs Mortgage Securities Corp Ii)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Regular Distribution Date and Special Distribution Date, the Company shall deliver Trustee will include with each distribution to the Trustee for mailing Class A Certificateholders a statement, giving effect to each Certificateholder, and the Trustee shall mail distribution to each Certificateholder be made on such Regular Distribution Date or Special Distribution Date, a statement setting forth the following information (each, a "Distribution Date Statement"per $1,000 aggregate face amount of Class A Certificates as to clauses (ii) substantially in the form of Exhibit J hereto, setting forth:and (iii) below):
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being funds distributed on such Distribution DateDate under this Agreement, indicating the amount, if any, allocable to each source (including any portion thereof paid by the Class A Liquidity Provider);
(ii) The the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) under this Agreement allocable to interest, including any Accrual Amount added principal and the amount allocable to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsPremium (if any);
(iii) The the amount of servicing compensation such distribution under this Agreement allocable to interest (including any portion thereof paid to by the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsClass A Liquidity Provider);
(iv) The [reserved]
(v) [reserved]; and
(vi) the Pool Scheduled Principal Balance and the aggregate number Pool Factor. With respect to the Class A Certificates registered in the name of DTC or its nominee, on the Record Date prior to each Regular Distribution Date and Special Distribution Date, the Trustee will request that DTC post on its Internet bulletin board a securities position listing setting forth the names of all the DTC Participants reflected on DTC’s books as holding interests in the Class A Certificates on such Record Date. On each Regular Distribution Date and Special Distribution Date, the Trustee will mail to each such DTC Participant whose name has been provided by DTC the statement described above and will make available additional copies as requested by such DTC Participants for forwarding to holders of interests in the Class A Certificates.
(b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Trustee shall furnish to each Person who at any time during such calendar year was a Class A Certificateholder of record a statement containing the sum of the Mortgage Loans amounts determined pursuant to clauses (a)(i), (a)(ii) and (a)(iii) above for such calendar year or, in the event such Person was a Class A Certificateholder of record during a portion of such calendar year, for the applicable portion of such year, and such other items as are readily available to the Trustee and which a Class A Certificateholder may reasonably request as necessary for the purpose of such Certificateholder’s preparation of its United States federal income tax returns or foreign income tax returns. With respect to Class A Certificates registered in the name of DTC or its nominee, such statement and such other items shall be prepared on the preceding Due Date after giving effect basis of information supplied to all distributions allocable the Trustee by the DTC Participants and shall be delivered by the Trustee to principal made on such Distribution Date;DTC Participants to be available for forwarding by such DTC Participants to the holders of beneficial interests in the Class A Certificates.
Appears in 2 contracts
Sources: Trust Supplement (American Airlines Inc), Trust Supplement (American Airlines Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and any Borrower Related Party that certifies to the Trustee Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for mailing each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Prepayment Charges collected on the Trust Loan and the amount thereof allocated to each CertificateholderClass of Certificates, and (c) the Trustee shall mail amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Holders of each Certificateholder Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and each Companion Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event or any Operating Advisor Termination Event that in any case has been declared as of the close of business on the second Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days the Loan Borrower is delinquent in the event that the Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) if the Property had as of the close of business on the Loan Payment Date immediately preceding such Distribution Date become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of the Loan Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Loan Borrower;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrower during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xx) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses;
(xxi) the current Controlling Class; and
(xxii) the identity of the current Controlling Class Representative. The Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate Administrator’s Website only by virtue of its receipt and posting such information to the Certificate Administrator’s Website or its filing of such information, to the extent such information was not produced by the Certificate Administrator. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons and any Borrower Related Party that certifies to the Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Loan Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Loan Borrower. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Loan Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Privileged Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 2 contracts
Sources: Trust and Servicing Agreement (CSAIL 2017-Cx9 Commercial Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2017-C39)
Statements to Certificateholders. Each monthConcurrently with each distribution to Certificateholders pursuant to this Article V, at least two Business Days prior to each Distribution Date, the Company shall deliver to the Trustee for mailing to each Certificateholder, and the Trustee shall mail mail, or cause the Paying Agent to mail, to each Certificateholder at the address appearing on the Certificate Register the Monthly Report prepared by the Servicer together with the following information prepared by the Servicer:
(1) the amount of fees and expenses payable out of the Trust Fund for such Collection Period;
(2) the percentage obtained by dividing the aggregate Certificate Balances with respect to each Class (after giving effect to the distributions on the Certificates made on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying by the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Initial Certificate Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant with respect to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)each Class;
(ii3) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary factual information as is available to the Company Servicer as the Servicer deems necessary or desirable and can obtain reasonably from its existing data base to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance . In the case of information furnished with respect to a dollar amount, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. Within a reasonable period of time after the end of each calendar year, subject to the next sentence, but in no event later than 90 days after the end of such year, the Servicer shall prepare and furnish to the Trustee, the Insurer, the Paying Agent and the aggregate number Certificate Administrator, and the Trustee, promptly upon receipt, shall furnish or cause the Paying Agent to furnish to each Person who at any time during the calendar year was the Holder of a Certificate, a statement containing the information set forth in clauses (b) and (c) of Section 5.04, in the case of Class A-1 Certificateholders , (f) and (g) of Section 5.04, in the case of Class A-2 Certificateholders and (i) and (j) of Section 5.04, in the case of Class A-3 Certificateholders, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Mortgage Loans on Servicer shall be deemed to have been satisfied to the preceding Due Date after giving effect extent that substantially comparable information shall be provided by the Servicer pursuant to all distributions allocable any requirements of the Code as from time to principal made on time in force. On each Distribution Date, the Servicer shall forward or cause to be forwarded by mail to each Holder of a Class R Certificate, a copy of the Monthly Report for such Distribution Date;. The Servicer shall also forward or cause to be forwarded by mail to each Holder of a Class R Certificate, a statement setting forth such information as the Servicer deems necessary or appropriate. Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish or cause to be furnished to each Person who at any time during the calendar year was a Holder of a Class R Certificate a statement containing the applicable distribution information provided pursuant to this Section 5.07 aggregated for such calendar year or applicable portion thereof during which such Person was a Holder of a Class R Certificate. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Code. A Certificate Owner holding Certificates of a Class representing in the aggregate at least 5% of the Percentage Interests of such Class shall, upon written request to the Trustee certifying its beneficial ownership of such Certificates, be entitled to receive copies of all reports provided by the Trustee. Copies of all reports provided by the Trustee to the Certificateholders shall also be provided to each Rating Agency and the Insurer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Greenpoint Credit LLC), Pooling and Servicing Agreement (Greenpoint Credit LLC)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company Trustee shall deliver to the Trustee for mailing make available electronically via its Internet Website or, upon written request, by first class mail, to each Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee shall mail Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the Special Servicer, the Underwriters, each Certificateholder on such Distribution DateRating Agency and any other Person designated in writing by the Depositor, a statement (each, a "Distribution Date Statement") substantially ), as to the distributions made on such Distribution Date, based solely on information provided to it by the Master Servicer and the Special Servicer. Each Distribution Date Statement shall be in the form of set forth on Exhibit J heretoN hereto and, setting in any event, shall set forth:
(i) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (and of Sequential Pay Certificates in respect reduction of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Class Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Balance thereof;
(ii) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (other than any Class of Principal Only Certificates) Regular Certificates allocable to interest, including any Accrual Amount added to the Class Distributable Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsInterest;
(iii) The the amount of the distribution on such Distribution Date to the Holders of each Class of Regular Certificates allocable to Prepayment Premiums and/or Yield Maintenance Charges;
(iv) the amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reimbursement of previously allocated Realized Losses and Additional Trust Fund Expenses;
(v) the Available Distribution Amount for such Distribution Date;
(a) the aggregate amount of P&I Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, for such Distribution Date pursuant to Section 4.03(a), including, without limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the aggregate amount of ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicer, the Trustee or any Fiscal Agent in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of the Master Servicer or Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a brief description of any executed loan modification;
(xii) with respect to any Trust Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period (other than a payment in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in connection with such Liquidation Event;
(xiii) with respect to any REO Property included in the Trust Fund as to which a Final Recovery Determination was made during the related Collection Period, (A) the loan number of the related Trust Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Final Recovery Determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in respect of the related Trust REO Loan in connection with such Final Recovery Determination;
(xiv) the Accrued Certificate Interest and Distributable Certificate Interest in respect of each Class of Regular Certificates for such Distribution Date;
(xv) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates after giving effect to the distributions made on such Distribution Date;
(xvi) the Pass-Through Rate for each Class of Regular Certificates for such Distribution Date;
(xvii) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xviii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xix) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xx) the Class Principal Balance, Class XC Notional Amount or Class XP Notional Amount, as applicable, of each Class of Regular Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxi) the Certificate Factor for each Class of Regular Certificates immediately following such Distribution Date;
(xxii) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 4.03(d);
(xxiii) the aggregate amount of interest on Servicing Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer, the Special Servicer, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 3.03(d);
(xxiv) the aggregate amount of servicing compensation paid to the Company Master Servicer and the Special Servicer during the month preceding related Collection Period;
(xxv) the month of distribution in respect loan number for each Trust Required Appraisal Mortgage Loan and any related Appraisal Reduction Amount as of the Mortgage Loans related Determination Date;
(xxvi) the original and then current credit support levels for each Class of Regular Certificates;
(xxvii) the original and then current ratings known to the Trustee for each Class of Regular Certificates;
(xxviii) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxix) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation; and
(xxx) the amounts, if any, actually distributed with respect to the Class Z Certificates, the Class R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date. In the case of information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xiii), (xxiv) and (xxix) above, insofar as the underlying information is solely within the control of the Special Servicer, the Trustee and the Master Servicer may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer. The Trustee may conclusively rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). On each Distribution Date, the Trustee shall make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this Section. None of the Trustee, the Master Servicer or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall send to each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of "Distribution Date Statement" above and such other customary information as the Company deems necessary or desirable may be required to enable such Certificateholders to prepare their federal income tax returns;. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate Owner upon the request of such Certificate Owner made in writing to the Corporate Trust Office (accompanied by current verification of such Certificate Owner's ownership interest). Such portion of such information as may be agreed upon by the Depositor and the Trustee shall be furnished to any such Person via overnight courier delivery or facsimile from the Trustee; provided that the cost of such overnight courier delivery or facsimile shall be an expense of the party requesting such information.
(iva) The Pool Scheduled Principal Balance to the extent it receives the necessary underlying information from the Special Servicer or Master Servicer, as applicable, and shall not be liable for any failure to deliver any thereof on the prescribed due dates, to the extent caused by failure to receive timely such underlying information. Nothing herein shall obligate the Trustee or the Master Servicer to violate any applicable law prohibiting disclosure of information with respect to any Mortgagor and the aggregate number failure of the Mortgage Loans Trustee, Master Servicer or the Special Servicer to disseminate information for such reason shall not be a breach hereof.
(b) In the performance of its obligations set forth in Section 4.05 and its other duties hereunder, the Trustee may, absent bad faith, conclusively rely on reports provided to it by the preceding Due Date after giving effect Master Servicer, and the Trustee shall not be responsible to all distributions allocable recompute, recalculate or verify the information provided to principal made on such Distribution Date;it by the Master Servicer.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-McP1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-McP1)
Statements to Certificateholders. Each month, at least two Business Days prior (a) Concurrently with each distribution to each Distribution DateCertificateholders, the Company Trustee shall deliver to the Trustee for mailing forward by first-class mail to each Certificateholder, with a copy to the Seller, each Master Servicer and the Trustee shall mail to each Certificateholder on such Distribution DateRating Agencies, a statement setting forth the following information, expressed with respect to clauses (eachi) through (vi) in the aggregate and as a Fractional Undivided Interest representing an initial Current Principal Amount of $1,000, or in the case of Class 1-A-X1, Class 1-A-X2, Class X, Class 3-X and Class 4-X Certificates, a "Distribution Date Statement") substantially Notional Amount of $1000, or in the form case of Exhibit J heretothe Class R-1 or R-2 Certificates, setting forthan initial Current Principal Amount of $100:
(i) The amount the Current Principal Amount (or Notional Amount in the case of such distribution to the Certificateholders Class 1-A-X1, Class 1-A-X2, Class X, Class 3-X and Class 4-X Certificates) of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable immediately prior to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The the amount of such the distribution allocable to the Certificateholders of principal on each Class (other than any applicable Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The the aggregate amount of servicing compensation paid interest accrued at the related Pass-Through Rate with respect to the Company each Class of interest-bearing Certificates during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsrelated Interest Accrual Period;
(iv) The Pool Scheduled Principal Balance the Net Interest Shortfall and any other adjustments to interest at the related Pass-Through Rate necessary to account for any difference between interest accrued and aggregate number interest distributed with respect to each Class of interest-bearing Certificates;
(v) the amount of the Mortgage Loans on the preceding Due Date after giving effect to all distributions distribution allocable to principal made interest on each Class of interest-bearing Certificates;
(vi) the Pass-Through Rates for each Class of interest-bearing Certificates with respect to such Distribution Date;
(vii) the Current Principal Amount (or Notional Amount in the case of the Class 1-A-X1, Class 1-A-X2, Class X, Class 3-X and Class 4-X Certificates) of each Class of Certificates after such Distribution Date;
(viii) the amount of any Monthly Advances, Compensating Interest Payments and outstanding unreimbursed advances by each Master Servicer included in such distribution separately stated for each Mortgage Loan Group;
(ix) the amount of any Realized Losses (listed separately for each Mortgage Loan Group) during the related Prepayment Period and cumulatively since the Cut-off Date and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(x) the amount of Scheduled Principal and Principal Prepayments, (including but separately identifying the principal amount of principal prepayments, Insurance Proceeds, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds) with respect to each Mortgage Loan Group and the number and principal balance of Mortgage Loans purchased or substituted for during the relevant period and cumulatively since the Cut-off Date with respect to each Mortgage Loan Group;
(xi) the number of Mortgage Loans (excluding REO Property) in each Mortgage Loan Group remaining in the Trust Fund as of the end of the related Due Period;
(xii) information for each Mortgage Loan Group regarding any Mortgage Loan delinquencies as of the end of the related Due Period, including the aggregate number, aggregate Outstanding Principal Balance and aggregate Scheduled Principal Balance of Mortgage Loans delinquent one month, two months and three months or more;
(xiii) for each Mortgage Loan Group, the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans;
(xiv) for each Mortgage Loan Group, the number and aggregate Outstanding Principal Balance of all Mortgage Loans as to which the Mortgaged Property was REO Property as of the end of the related Due Period;
(xv) the book value (the sum of (A) the Outstanding Principal Balance of the Mortgage Loan, (B) accrued interest through the date of foreclosure and (C) foreclosure expenses) of any REO Property in each Mortgage Loan Group; PROVIDED THAT, in the event that such information is not available to the relevant Master Servicer and the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xvi) the amount of Realized Losses allocated to each Class of Certificates since the prior Distribution Date and in the aggregate for all prior Distribution Dates; and
(xvii) the then applicable Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage for each Certificate Group. The information set forth above shall be calculated, or reported, as the case may be, by the Trustee based on data provided by the Master Servicers pursuant to Subsection 6.05(a) and, with respect to prior periods, Section 6.06, upon which the Trustee may conclusively rely. The information furnished by the Master Servicers shall be sufficient for the Trustee to calculate any statements it is required to make.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer and the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare in accordance with CREFC® guidelines as of the Closing Date and forward or make available through its internet website, which is located at ▇▇▇.▇▇▇▇▇▇.▇▇▇/▇▇▇ to any Privileged Person (including for this purpose, the property manager, Borrower Related Parties and any of their respective Affiliates), a statement, prepared by the Certificate Administrator, based upon information supplied to it by the Servicer and the Special Servicer, as applicable (with respect to items not prepared by the Certificate Administrator, to the Trustee for mailing extent such items were delivered to each Certificateholderthe Certificate Administrator in a readable, uploadable, un-corrupted and un-locked electronic format), in respect of the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, and specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans such payments)) and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b(B) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Yield Maintenance Premiums collected on the Trust Loan allocable to Section 2.02 or 2.03(a), the proceeds each Class of which purchases or substitutions are being distributed on such Distribution Date)Certificates;
(ii) The if the amount of such distribution the distributions to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentswas less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) The the amount of servicing compensation paid to any Monthly Payment Advance on the Company during the month preceding the month of distribution in respect of the Mortgage Loans and Trust Loan for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled Principal the Certificate Balance and or Notional Amount, as the aggregate number case may be, of the Mortgage Loans on the preceding Due Date each Class of Certificates after giving effect to all distributions allocable to principal made any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan and the Senior Pari Passu Companion Loans as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate amount of such payments allocable to the Trust Loan;
(vii) identification of any Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in either case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, CREFC®, the Certificate Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee), the CREFC® License Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
Appears in 2 contracts
Sources: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2016-C35), Trust and Servicing Agreement (SG Commercial Mortgage Securities Trust 2016-C5)
Statements to Certificateholders. Each month, at least two Business Days prior (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date, Date the Company Master Servicer shall deliver forward to the Trustee for mailing to each Certificateholder, and the Trustee shall forward by mail or otherwise make available electronically to each Certificateholder on such Distribution DateHolder, the Certificate Insurer and the Depositor a statement (eachsetting forth the following information as to each Class of Certificates, a "Distribution Date Statement") substantially in each case to the form of Exhibit J hereto, setting forthextent applicable:
(i) The (A)the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying B) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advance by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant Master Servicer with respect to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 4.04;
(v) the number of Mortgage Loans the Mortgage Loans in the aggregate and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or 2.03(a)Notional Amount, as applicable, of each Class of the proceeds of which purchases or substitutions are being 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;
(iivii) The amount on the basis of such distribution the most recent reports furnished to it by Subservicers, the Certificateholders number and aggregate principal balances of each Class Mortgage Loans that are Delinquent (other than any Class A) one month, (B) two months and (C) three or more months and the number and aggregate principal balance of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsMortgage Loans that are in foreclosure;
(iiiviii) The amount the number, aggregate principal balance and book value of servicing compensation paid any REO Properties with respect to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsLoans;
(ivix) The Pool Scheduled Principal Balance and the aggregate number Accrued Certificate Interest remaining unpaid, if any, for each Class of the Mortgage Loans on the preceding Due Date Certificates, after giving effect to all distributions allocable to principal 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 Special Hazard Amount, Fraud Loss Amount and Bankruptcy 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 Mortgage Insurance 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 Mortgage Insurance 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 Mortgage Insurance Policy Provider under the MI Policy since the Closing Date which claim was denied by the Mortgage Insurance Policy Provider and the aggregate amount of any such denied claims;
(xiii) the amount of any Insured Amount paid on such Distribution Date, the amount of any reimbursement payment made to the Certificate Insurer on such Distribution Date pursuant to Section 4.02(c)(iv) and the amount of Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Certificate Insurer;
(xiv) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xv) the Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xvi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xvii) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 2.06, 4.07 or 4.08;
(xviii) 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;
(xix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxi) the aggregate of any deposits to and withdrawals from the Basis Risk Shortfall Reserve Fund for such Distribution Date and the remaining amount on deposit in the Basis Risk Shortfall Reserve Fund after such deposits and withdrawals; and
(xxii) the current Rolling Six-Month Delinquency Ratio with respect to the Mortgage Loans and the aggregate amount of Realized Losses since the Cut-off Date for the Mortgage 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 $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.
(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 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 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 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.
(d) As soon as reasonably practicable, upon the written request of any 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.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp), Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company shall deliver to the Trustee for mailing to each Certificateholder, Servicer and the Trustee Special Servicer, as applicable, the Certificate Administrator shall mail prepare in accordance with CREFC® guidelines as of the Closing Date and forward or make available through its internet website, which is located at ▇▇▇.▇▇▇▇▇▇▇.▇▇▇ to each Certificateholder on such Distribution Dateany Privileged Person, a statement (eachwith respect to items not prepared by the Certificate Administrator, to the extent such items were delivered to the Certificate Administrator in a "readable, uploadable, un-corrupted and un-locked electronic format), in respect of the distributions on such Distribution Date (a “Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (includingand specifying the source of such payments)), for this purpose, (B) the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Yield Maintenance Premiums collected on the Trust Loan allocable to Section 2.02 or 2.03(a), each Class of Certificates and (C) and the proceeds amount of which purchases or substitutions are being distributed interest paid on Advances from Default Interest and allocable to such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) The the amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and any Monthly Payment Advance for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled Principal the Certificate Balance and or Notional Amount, as the aggregate number case may be, of each Class of Certificates (other than the Mortgage Loans on the preceding Due Date Class R Certificates) after giving effect to all distributions allocable to principal made any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate amount of such payments allocable to the Trust Loan;
(vii) identification of any Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in either case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, CREFC®, the Certificate Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee, if the Certificate Administrator and the Trustee are not the same entity), the CREFC® Intellectual Property Royalty License Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
Appears in 2 contracts
Sources: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C4), Trust and Servicing Agreement (CSAIL 2019-C15 Commercial Mortgage Trust)
Statements to Certificateholders. Each month, at least two On the second Business Days prior to Day preceding each Distribution Date (each, a "Determination Date"), the Company Depositor (or its designee) shall deliver to the Trustee for mailing to each Certificateholder, prepare and the Trustee shall mail to each Certificateholder on such Distribution Date, forward a statement (each, a "Distribution Date Statement") substantially to the Trustee, who in turn shall forward such statement by mail to each Rating Agency and each Certificateholder. Each such Distribution Date Statement shall set forth the form of Exhibit J hereto, setting forthfollowing information:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, Available Funds for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of the Interest Distribution Amount for such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsDistribution Date;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and Principal Distribution Amount, if any, for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled with respect to such Distribution Date, the [Class [A]] Interest Amount, the [Class [A]] Principal Distribution Amount and the aggregate amount of distributions made to the [Class [A]] Certificateholders on such Distribution Date in respect of each such item pursuant to Section 3.05;
(v) with respect to such Distribution Date, the [Class [B]] Interest Amount, the [Class [B]] Principal Distribution Amount and the aggregate amount of distributions made to the [Class [B]] Certificateholders on such Distribution Date in respect of each such item pursuant to Section 3.05;
(vi) the [Class [A]] Certificate Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date [Class [B]] Certificate Principal Balance, after giving effect to all distributions allocable to of principal made of such Certificates on such Distribution Date;; and
(vii) the amount of any withdrawals made from the Certificate Account since the immediately preceding Distribution Date pursuant to clauses (ii) through (iv) of Section 3.04, together with a general description of the purpose of each such withdrawal. In the case of the information furnished pursuant to clauses (i), (iv) and (v) above, the foregoing amounts shall also be stated as a dollar amount per $1,000 principal amount of the applicable Class. In addition, the Trustee promptly shall furnish to Certificateholders copies of any notices, statements, reports or other communications received by the Trustee as the Collateral Holder. On or before January 31 of each calendar year, beginning with calendar year 200[ ], the Trustee shall furnish by first class mail to each Person who at any time during the previous calendar year was a Certificateholder of record a statement containing the information required to be contained in the regular report to Certificateholders, as set forth in clauses (iv) and (v) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Certificateholder which statement shall contain sufficient information to allow Certificateholders to calculate their United States federal income tax liability with respect to the Certificates. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code. The Trustee shall furnish to each Certificateholder during the term of this Agreement such periodic, special or other reports or information, whether or not provided for herein, as shall be necessary, reasonable or appropriate with respect to the Certificateholder or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided by and in accordance with such applicable instructions and directions as the Certificateholder may reasonably require and at the expense of such Certificateholder.
Appears in 2 contracts
Sources: Deposit Trust Agreement (Goldman Sachs Asset Backed Securities Corp), Deposit Trust Agreement (Gs Mortgage Securities Corp)
Statements to Certificateholders. Each (a) Prior to the Distribution Date in each month, at least two Business Days prior to each Distribution Date, based upon the Company shall deliver information provided to the Trustee for mailing on the Servicer's Certificates delivered to each Certificateholderthe Trustee pursuant to Section 4.01, and the Trustee shall mail determine the following information with respect to each Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Loan Group, the amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)therein;
(ii) The for each Loan Group and the Class SES Certificates, the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance Unpaid Interest Shortfall or Component Principal Balance of Unpaid Interest Shortfall included in such distribution and any remaining Class of Accrual Certificates Unpaid Interest Shortfall or any Accrual ComponentsComponent Unpaid Interest Shortfall after giving effect to such distribution;
(iii) The 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 servicing compensation paid to the Company during shortfall and the month preceding the month of distribution in respect of the Mortgage Loans allocation thereof as between principal and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsinterest;
(iv) The Pool Scheduled Principal the Class Certificate Balance and the aggregate number of the Mortgage Loans on the preceding Due Date each Class of Certificates after giving effect to all distributions allocable to the distribution of principal made on such Distribution Date;
(v) for each Loan Group, the Pool Stated Principal Balance for the following Distribution Date;
(vi) for each Loan Group, the Senior Percentage and the Subordinate Percentage for the following Distribution Date;
(vii) the amount of the Servicing Fee paid to or retained by the Servicer with respect to each Loan Group and such Distribution Date; and, if applicable, the amount of the Supplemental Servicing Fee payable to the Servicer with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates (or Component) with respect to such Distribution Date;
(ix) for each Loan Group, the amount of Periodic Advances included in the distribution on such Distribution Date and the aggregate amount of Periodic Advances outstanding as of the close of business on such Distribution Date;
(x) for each Loan Group, the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure or bankruptcy) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days, (B) in foreclosure, as of the close of business on the last day of the calendar month preceding such Distribution Date and (C) in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xi) for each Loan Group, with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereof;
(xii) for each Loan Group, the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the Determination Date preceding such Distribution Date;
(xiii) for each Group, the Senior Prepayment Percentage and the Subordinate Prepayment Percentage for the following Distribution Date;
(xiv) for each Loan Group, the aggregate amount of Realized Losses incurred during the preceding calendar month and for each Group, any Class PO Deferred Amounts for such Distribution Date;
(xv) the Class 1-IO Notional Amount, Class 2-IO Notional Amount, Class 3-IO Notional Amount, Class 4-IO Notional Amount, Class 30-B-IO Notional Amount, Class 1-SES Notional Amount, Class 2-SES Notional Amount, Class 3-SES Notional Amount and Class 4-SES Notional Amount for such Distribution Date;
(xvi) the Ancillary Income for each Class SES Component for such Distribution Date;
(xvii) the Class SES Compensating Interest for such Distribution Date; and
(xviii) for each Loan Group the amount of total Recoveries, the Class PO Recovery and the Non-PO Recovery.
(b) No later than each Distribution Date, the Trustee, based upon information supplied to it on the Servicer's Certificate, shall make available to each Holder of a Certificate, each Rating Agency and the Servicer a statement setting forth the information set forth in Section 5.04(a). In the case of information furnished pursuant to clauses (i) and (ii) of Section 5.04(a), the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. On each Distribution Date, the Trustee shall prepare and furnish to each Financial Market Service, in electronic or such other format and media mutually agreed upon by the Trustee, the Financial Market Service and the Depositor, the information contained in the statement described in Section 5.04(a) for such Distribution Date.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pas THR Cert Series 2004 3), Pooling and Servicing Agreement (Banc of America Alternative Loan Trust Mortgage Pass-Through Certificates Series 2004-5)
Statements to Certificateholders. Each month, at least two Business Days prior (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date, Date the Company Master Servicer shall deliver forward to the Trustee for mailing to each Certificateholder, and the Trustee shall forward by mail to each Certificateholder on such Distribution Date, Holder and the Company a statement (each, a "Distribution Date Statement") substantially in setting forth the form following information as to each Class of Exhibit J hereto, setting forthCertificates to the extent applicable:
(ia) The the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest; NY1-214364.4 93
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advance by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased Master Servicer pursuant to Section 2.02, 2.03(b4.04;
(v) or 3.16, respectivelythe number and Pool 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, and any each of the Senior, Class M and Class B Percentages, after giving effect to the amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(iivii) The amount of such distribution to the Certificateholders of each Class (other than any Class of related Subordinate Principal Only Certificates) allocable to interestDistribution Amount and Prepayment Distribution Percentage, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Componentsif applicable;
(iiiviii) The amount of servicing compensation paid to on the Company during the month preceding the month of distribution in respect basis of the most recent reports furnished to it by Subservicers, the number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and such other customary information as (C) three months and the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsnumber and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ivix) The Pool Scheduled Principal Balance the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate number Accrued Certificate Interest remaining unpaid, if any, for each Class of the Mortgage Loans on the preceding Due Date Certificates, after giving effect to all distributions allocable to principal the distribution made on such Distribution 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 weighted average Pool Strip Rate for such Distribution Date and the Pass-Through Rate with respect to the Class A-11 Certificates and each Subclass, if any, thereof;
(xiii) the Class A-11 Notional Amount and each Class A-11 Subclass Notional Amount;
(xiv) the occurrence of the Credit Support Depletion Date and the Accretion Termination Date; NY1-214364.4 94
(xv) the Senior Accelerated Distribution Percentage applicable to such distribution;
(xvi) the Senior Percentage for such Distribution Date;
(xvii) the aggregate amount of Realized Losses for such Distribution Date;
(xviii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of representation or warranty;
(xix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date; and
(xx) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such 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 $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.
(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 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 NY1-214364.4 95 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) Upon the written request of any Certificateholder, the Master Servicer, as soon as reasonably practicable, 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.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to each Distribution Date, the Company shall deliver Reports to the Trustee for mailing and the Seller. Concurrently with each distribution pursuant to Section 4.01(e), the Master Servicer, or the Paying Agent appointed by the Master Servicer (upon receipt of such statement from the Master Servicer), shall make available to each Certificateholder, Holder of a Certificate and the Trustee shall mail to each Certificateholder on such Distribution Date, Seller a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:
(i) The the amount of such distribution to the Certificateholders Holders of each Class (and in respect of any Component), other than any Notional Class A Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Unscheduled Principal Prepayments Receipts included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)therein;
(ii) The (a) the amount of such distribution to the Certificateholders Holders of each Class (other than any of Class of Principal Only Certificates) A Certificates allocable to interest, including (b) the amount of the Current Class A Interest Distribution Amount allocated to each Class of Class A Certificates, (c) any Accrual Amount added Class A Interest Shortfall Amounts arising with respect to such Distribution Date and any remaining Class A Unpaid Interest Shortfall with respect to each Class after giving effect to such distribution, (d) the Class Certificate Principal Balance or Component Principal Balance amount of any Non-Supported Interest Shortfall allocated to each Class of Accrual Class A Certificates or for such Distribution Date and (e) the amount of any Accrual ComponentsRelief Act Shortfall allocated to each Class of Class A Certificates for such Distribution Date;
(iii) The the amount of servicing compensation paid such distribution to Holders of each Class of Class B Certificates allocable to principal, separately identifying the aggregate amount of any Unscheduled Principal Receipts included therein;
(iv) (a) the amount of such distribution to Holders of each Class of Class B Certificates allocable to interest, (b) the amount of the Current Class B Interest Distribution Amount allocated to each Class of Class B Certificates (c) any Class B Interest Shortfall Amounts arising with respect to such Distribution Date and any remaining Class B Unpaid Interest Shortfall with respect to each Class of Class B Certificates after giving effect to such distribution, (d) the amount of any Non-Supported Interest Shortfall allocated to each Class of Class B Certificates for such Distribution Date and (e) the amount of any Relief Act Shortfall allocated to each Class of Class B Certificates for such Distribution Date;
(v) the amount of any Periodic Advance by any Servicer, the Master Servicer or the Trustee pursuant to the Company during Servicing Agreements or this Agreement;
(vi) the month number of Mortgage Loans outstanding as of the preceding Determination Date;
(vii) the month Class A Principal Balance, the Principal Balance of distribution in each Class of Class A Certificates the Class B Principal Balance and the Principal Balance of each Class of Class B Certificates as of the following Determination Date after giving effect to the distributions of principal made, and the principal portion of Realized Losses, if any, allocated with respect to such Distribution Date;
(viii) the Adjusted Pool Amount, the Adjusted Pool Amount (PO Portion), the Pool Scheduled Principal Balance of the Mortgage Loans for such Distribution Date and the aggregate Scheduled Principal Balance of the Discount Mortgage Loans for such Distribution Date;
(ix) the aggregate Scheduled Principal Balances of the Mortgage Loans serviced by Wells Fargo Bank in its capacity as Servicer and, collectively, b▇ ▇▇▇ Other Servicers as of such Distribution Date;
(x) the Class A Percentage for such Distribution Date;
(xi) the Class A Prepayment Percentage for such Distribution Date;
(xii) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Percentages for such Distribution Date;
(xiii) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Prepayment Percentages for such Distribution Date;
(xiv) the number and aggregate principal balances of Mortgage Loans delinquent (a) one month, (b) two months and (c) three months or more;
(xv) the number and aggregate principal balances of the Mortgage Loans in foreclosure as of the preceding Determination Date;
(xvi) the book value of any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xvii) the principal and interest portions of Realized Losses allocated as of such Distribution Date;
(xviii) the amount by which the Principal Balance of each Class of Class B Certificates has been reduced as a result of Realized Losses allocated as of such Distribution Date;
(xix) the unpaid principal balance of any Mortgage Loan as to which the Servicer of such Mortgage Loan has determined not to foreclose because it believes the related Mortgaged Property may be contaminated with or affected by hazardous wastes or hazardous substances;
(xx) the amount of the aggregate Servicing Fees and Master Servicing Fees paid (and not previously reported) with respect to the related Distribution Date and the amount by which the aggregate Available Master Servicer Compensation has been reduced by the Prepayment Interest Shortfall for the related Distribution Date;
(xxi) the Class A-PO Deferred Amount, if any;
(xxii) the amount of PMI Advances made by a Servicer, if any; and
(xxiii) such other customary information as the Company Master Servicer deems necessary or desirable to enable Certificateholders to prepare their tax returns;
; and shall deliver a copy of each type of statement to the Trustee, who shall provide copies thereof to Persons making written request therefor at the Corporate Trust Office. In the case of information furnished with respect to a Class of Class A Certificates pursuant to clauses (i) and (ii) above and with respect to a Class of Class B Certificates pursuant to clauses (iii) and (iv) The Pool Scheduled Principal Balance above, the amounts shall be expressed as a dollar amount per Class A or Class B Certificate (other than the Class A-R Certificate) with a $1,000 Denomination, and as a dollar amount per Class A-R Certificate with a $100 Denomination. Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon request, furnish or cause to be furnished to each Person who at any time during the calendar year was the Holder of a Certificate a statement containing the information set forth in clauses (i) and (ii)(a) above in the case of a Class A Certificateholder and the aggregate number information set forth in clauses (iii) and (iv)(a) above in the case of a Class B Certificateholder aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Mortgage Loans Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer or the Trustee pursuant to any requirements of the Code from time to time in force. Prior to the close of business on the third Business Day preceding Due Date after giving effect to all distributions allocable to principal made on such each Distribution Date;, the Master Servicer shall furnish a statement to the Trustee, any Paying Agent and the Seller (the information in such statement to be made available to Certificateholders by the Trustee on written request) setting forth the Class A Distribution Amount with respect to each Class of Class A Certificates and the Class B Distribution Amount with respect to each Class of Class B Certificates. The determination by the Master Servicer of such amounts shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Trustee and the Paying Agent shall be protected in relying upon the same without any independent check or verification. In addition to the reports required pursuant to this Section 4.04, the Paying Agent shall make available upon request to each Holder and each proposed transferee of a Class B-4, Class B-5 or, Class B-6 Certificate such additional information, if any, as may be required to permit the proposed transfer to be effected pursuant to Rule 144A, which information shall be provided on a timely basis to the Paying Agent by the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wella Fargo Mortgage Backed Securities Series 2004-8 Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company Trustee shall deliver to the Trustee for mailing make available electronically via its Internet Website or, upon written request, by first class mail, to each Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee shall mail Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the Special Servicer, the Underwriters, each Certificateholder on such Distribution DateRating Agency and any other Person designated in writing by the Depositor, a statement (each, a "Distribution Date Statement") substantially ), as to the distributions made on such Distribution Date, based solely on information provided to it by the Master Servicer and the Special Servicer. Each Distribution Date Statement shall be in the form of set forth on Exhibit J heretoB hereto and, setting in any event, shall set forth:
(i) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (and of Sequential Pay Certificates in respect reduction of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Class Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Balance thereof;
(ii) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (other than any of Regular Certificates, the Class of Principal Only Certificates) A-2FL Certificates and/or the Class A-4FL Certificates allocable to interestDistributable Certificate Interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any A-2FL Interest Distribution Amount and/or the Class of Accrual Certificates or any Accrual ComponentsA-4FL Interest Distribution Amount, as the case may be;
(iii) The the amount of the distribution on such Distribution Date to the Holders of each Class of Regular Certificates, the Class A-2FL Certificates and/or the Class A-4FL Certificates allocable to Prepayment Premiums and/or Yield Maintenance Charges;
(iv) the amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reimbursement of previously allocated Realized Losses and Additional Trust Fund Expenses;
(v) the Available Distribution Amount for such Distribution Date and the respective portions thereof allocable to each Loan Group;
(a) the aggregate amount of P&I Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, for such Distribution Date pursuant to Section 4.03(a), including, without limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the aggregate amount of ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicer, the Trustee or the Fiscal Agent in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of the Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of the Master Servicer or Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a brief description of any executed loan modification;
(xii) with respect to any Trust Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period (other than a payment in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in connection with such Liquidation Event;
(xiii) with respect to any REO Property included in the Trust Fund as to which a Final Recovery Determination was made during the related Collection Period, (A) the loan number of the related Trust Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Final Recovery Determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in respect of the related Trust REO Loan in connection with such Final Recovery Determination;
(xiv) the Accrued Certificate Interest and Distributable Certificate Interest in respect of each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class A-4FL REMIC II Regular Interest, as well as the Class A-2FL Interest Distribution Amount and the Class A-4FL Interest Distribution Amount, for such Distribution Date;
(xv) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class A-4FL REMIC II Regular Interest, respectively, as well as any unpaid portion of the Class A-2FL Interest Distribution Amount and the Class A-4FL Interest Distribution Amount, respectively, after giving effect to the distributions made on such Distribution Date;
(xvi) the Pass-Through Rate for each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the Class A-2FL Certificates, and the Class A-4FL Certificates for such Distribution Date;
(xvii) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xviii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xix) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xx) the Class Principal Balance of each Class of Sequential Pay Certificates, as well as the Class X Notional Amount, outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxi) the Certificate Factor for each Class of Regular Certificates, the Class A-2FL Certificates and the Class A-4FL Certificates, respectively, immediately following such Distribution Date;
(xxii) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer, the Trustee and the Fiscal Agent during the related Collection Period in accordance with Section 4.03(d);
(xxiii) the aggregate amount of interest on Servicing Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer, the Special Servicer, the Trustee and the Fiscal Agent during the related Collection Period in accordance with Section 3.03(d);
(xxiv) the aggregate amount of servicing compensation paid to the Company Master Servicer and the Special Servicer during the related Collection Period;
(xxv) the loan number for each Trust Required Appraisal Mortgage Loan and any related Appraisal Reduction Amount as of the related Determination Date;
(xxvi) the original and then current credit support levels for each Class of Regular Certificates, the Class A-2FL Certificates and the Class A-4FL Certificates, respectively;
(xxvii) the original and then current ratings known to the Trustee for each Class of Regular Certificates, the Class A-2FL Certificates and the Class A-4FL Certificates, respectively;
(xxviii) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxix) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation;
(xxx) the amounts, if any, actually distributed with respect to the Class Z Certificates, the Class R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date; and
(xxxi) all payments to and from each Swap Counterparty during the month preceding of such Distribution Date and the month respective components thereof. In the case of distribution information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in respect the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xiii), (xxiv) and (xxix) above, insofar as the underlying information is solely within the control of the Mortgage Loans Special Servicer, the Trustee and the Master Servicer may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer. The Trustee may conclusively rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). On each Distribution Date, the Trustee shall make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this section. None of the Trustee, the Master Servicer or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall send to each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of "Distribution Date Statement" above and such other customary information as the Company deems necessary or desirable may be required to enable such Certificateholders to prepare their federal income tax returns;. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate Owner upon the request of such Certificate Owner made in writing to the Corporate Trust Office (accompanied by current verification of such Certificate Owner's ownership interest). Such portion of such information as may be agreed upon by the Depositor and the Trustee shall be furnished to any such Person via overnight courier delivery or facsimile from the Trustee; provided that the cost of such overnight courier delivery or facsimile shall be an expense of the party requesting such information.
(iva) The Pool Scheduled Principal Balance to the extent it receives the necessary underlying information from the Special Servicer or Master Servicer, as applicable, and shall not be liable for any failure to deliver any thereof on the prescribed due dates, to the extent caused by failure to receive timely such underlying information. Nothing herein shall obligate the Trustee or the Master Servicer to violate any applicable law prohibiting disclosure of information with respect to any Mortgagor and the aggregate number failure of the Mortgage Loans Trustee, Master Servicer or the Special Servicer to disseminate information for such reason shall not be a breach hereof.
(b) In the performance of its obligations set forth in Section 4.05 and its other duties hereunder, the Trustee may, absent bad faith, conclusively rely on reports provided to it by the preceding Due Date after giving effect Master Servicer, and the Trustee shall not be responsible to all distributions allocable recompute, recalculate or verify the information provided to principal made on such Distribution Date;it by the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Cki1)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and any Borrower Related Party that certifies to the Trustee Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based in part upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for mailing each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Prepayment Charges collected on the Trust Loan and the amount thereof allocated to each CertificateholderClass of Certificates, and (c) the Trustee shall mail amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Holders of each Certificateholder Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and the Companion Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event or any Operating Advisor Termination Event that in any case has been declared as of the close of business on the second (2nd) Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days the Loan Borrower is delinquent in the event that the Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) if the Property had as of the close of business on the Loan Payment Date immediately preceding such Distribution Date become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of the Loan Borrower or the Mezzanine Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Loan Borrower;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrower during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xx) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses;
(xxi) the current Controlling Class; and
(xxii) the identity of the current Controlling Class Representative. The Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate Administrator’s Website only by virtue of its receipt and posting such information to the Certificate Administrator’s Website or its filing of such information, to the extent such information was not produced by the Certificate Administrator. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons and any Borrower Related Party that certifies to the Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Loan Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Loan Borrower. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Loan Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Privileged Person certain other information with respect to the Mortgage Loans Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the preceding Due Date after giving effect to all distributions allocable to principal made on Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 1 contract
Sources: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C61)
Statements to Certificateholders. Each month, at least two Business Days prior to On each Distribution Date, the Company Trustee shall deliver prepare, to the Trustee for mailing extent it receives information regarding the distributions on the Pooled Certificates and Treasury Securities on the Distribution Date, and shall forward by mail, a statement to each Certificateholder, the Seller and the Rating Agencies stating:
(i) the Class 1A Available Distribution and the Class 2A Available Distribution for such Distribution Date;
(ii) the interest distribution amount and the principal distribution amount for such Distribution Date for each Class of Certificates and, with respect to each, the components thereof as described in the definitions of such terms and as reported in the related Pooled Certificate Distribution Date Information or other information received by the Trustee shall mail from Fred▇▇▇ ▇▇▇, Fann▇▇ ▇▇▇ ▇▇ the Non-Agency Trustee pursuant to Section 3.05(d) with respect to the Pooled Certificates and the portion thereof derived from the Treasury Securities;
(iii) the Class Principal Balance for each Certificateholder Class of Certificates before and after applying payments on such Distribution Date;
(iv) the effective interest rate on each Class of the Certificates for such Distribution Date;
(v) the outstanding principal and/or notional amount, as the case may be, immediately prior to and after taking into account distributions made on such Distribution Date of, and the current interest rate on, each of the Pooled Certificates for such Distribution Date;
(vi) the amount of interest received on the Pooled Non-Agency Certificate used to pay principal to the Class 2A Certificate in the current month;
(vii) the total amount of interest received on the Pooled Non-Agency Certificate that has been applied to pay principal to the Class 2A Certificates;
(viii) the outstanding amount payable at maturity for the Class 2A Certificates, immediately prior to and after taking into account distributions made on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in of each of the form of Exhibit J hereto, setting forth:Treasury Securities;
(iix) The amount of such distribution to the Certificateholders Original Principal Amount of each Class (of the Certificates and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Original Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of such distribution to the Certificateholders Amount of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information Certificates as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;reduced to
Appears in 1 contract
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based upon the Company loan-level information provided by the Servicer and/or the Special Servicer, as applicable, as otherwise required in this Agreement, the Certificate Administrator shall deliver prepare and forward or make available through its internet website, which is located at w▇▇.▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇, to any Privileged Person, a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions made on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth, among other things:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (includingand specifying the source of such payments)), for this purpose, (B) the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Yield Maintenance Premiums collected on the Trust Loan allocable to Section 2.02 or 2.03(a), each Class of Certificates and (C) and the proceeds amount of which purchases or substitutions are being distributed interest paid on Advances from Default Interest and allocable to such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) The the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan and the Companion Loans as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period, separately identifying the respective portions thereof allocable to the Trust Loan and each Companion Loan;
(vii) identification of any Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator and the Trustee, separately listing the Trustee/Certificate Administrator Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a REO Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period on the Trust Loan in respect the aggregate;
(xiii) the aggregate amount of all Advances, if any, not yet reimbursed;
(xiv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xv) an itemized report identifying any Appraisal Reduction Amount;
(xvi) the amount of Default Interest, if any, and late payment charges, if any, paid by the Borrower during the related Collection Period on the Trust Loan in the aggregate;
(xvii) the aggregate amount of Borrower Reimbursable Trust Expenses;
(xviii) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Mortgage Loans Trust that were subject of a demand to repurchase for breach of the related representations and warranties; and
(xix) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer per Section 3.18(d) hereof. The Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇ (in the United States) or (▇▇▇) ▇▇▇-▇▇▇▇. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii) and (iv) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Trustee deems necessary or desirable desirable, or that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make available to Privileged Persons on each Distribution Date, pursuant to Section 8.14(b), (i) the CREFC Reports with respect to such Distribution Date received from the Servicer pursuant to Section 3.18(a) and (ii) when received from the Special Servicer, the summary of the Asset Status Report received from the Special Servicer pursuant to Section 3.10. The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Borrower. The Certificate Administrator will be entitled to rely on all information provided to it by the Trustee, the Servicer or the Special Servicer for which it is not the original source without independent verification. The Servicer, the Special Servicer and the Certificate Administrator shall be entitled to rely on information supplied by the Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made the Initial Purchasers, the Servicer, the Special Servicer and each Certificateholder certain other information with respect to the Trust Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Website pursuant to Section 8.14(b)). The Certificate Administrator shall make available on its website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 1 contract
Sources: Trust and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company Trustee shall deliver to the Trustee for mailing make available electronically via its Internet Website or, upon written request, by first class mail, to each Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee shall mail Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicers, the Special Servicer, the Underwriters, each Certificateholder on such Distribution DateRating Agency and any other Person designated in writing by the Depositor, a statement (each, a "Distribution Date Statement") substantially ), as to the distributions made on such Distribution Date, based solely on information provided to it by the Master Servicers and the Special Servicer. Each Distribution Date Statement shall be in the form of set forth on Exhibit J heretoB hereto and, setting in any event, shall set forth:
(i) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (and of Sequential Pay Certificates in respect reduction of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Class Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Balance thereof;
(ii) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (other than any Class of Principal Only Certificates) Regular Certificates allocable to interest, including any Accrual Amount added to the Class Distributable Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsInterest;
(iii) The the amount of servicing compensation paid the distribution on such Distribution Date to the Company during the month preceding the month Holders of distribution in respect each Class of the Mortgage Loans and such other customary information as the Company deems necessary or desirable Regular Certificates allocable to enable Certificateholders to prepare their tax returnsPrepayment Premiums and/or Yield Maintenance Charges;
(iv) The Pool Scheduled Principal Balance the amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reimbursement of previously allocated Realized Losses and Additional Trust Fund Expenses;
(v) the total payments and other collections received by the Trust during the related Collection Period, the fees and expenses paid therefrom (with an identification of the general purpose of such fees and expenses and the party receiving such fees and expenses), the Available Distribution Amount for such Distribution Date and the respective portions of such Available Distribution Amount attributable to each Loan Group;
(vi) (a) the aggregate amount of P&I Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, for such Distribution Date pursuant to Section 4.03(a), including, without limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the aggregate amount of ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicers, the Trustee or any Fiscal Agent in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances with respect to the entire Mortgage Pool, and with respect to each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of the Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of either Master Servicer or the Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a brief description of any executed loan modification;
(xii) with respect to any Trust Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period (other than a payment in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in connection with such Liquidation Event;
(xiii) with respect to any Trust Mortgage Loan that was the subject of any material modification, extension or waiver during the related Collection Period, (A) the loan number thereof, (B) the unpaid principal balance thereof and (C) a brief description of such modification, extension or waiver, as the case may be;
(xiv) with respect to any Trust Mortgage Loan as to which an uncured and unresolved Breach or Document Defect that materially and adversely affects the value of such Trust Mortgage Loan or the interests of the Certificateholders, is alleged to exist, (A) the loan number thereof, (B) the unpaid principal balance thereof, (C) a brief description of such Breach or Document Defect, as the case may be, and (D) the status of such Breach or Document Defect, as the case may be, including any actions known to the Trustee that are being taken by or on behalf of the applicable Mortgage Loan Seller with respect thereto;
(xv) with respect to any Trust Mortgage Loan as to which the related Mortgaged Property became an REO Property during the related Collection Period, the loan number of such Trust Mortgage Loan and the Stated Principal Balance of such Trust Mortgage Loan as of the related date of acquisition;
(xvi) with respect to any REO Property that was included (or an interest in which was included) in the Trust Fund as of the close of business on the related Determination Date, the loan number of the related Trust Mortgage Loans Loan, the book value of such REO Property and the amount of REO Revenues and other amounts, if any, received by the trust with respect to such REO Property during the related Collection Period (separately identifying the portion thereof allocable to distributions on the preceding Due Date Certificates) and, if available, the Appraised Value of such REO Property as expressed in the most recent appraisal thereof and the date of such appraisal;
(xvii) with respect to any REO Property included in the Trust Fund as to which a Final Recovery Determination was made during the related Collection Period, (A) the loan number of the related Trust Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Final Recovery Determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in respect of the related Trust REO Loan in connection with such Final Recovery Determination;
(xviii) the Accrued Certificate Interest and Distributable Certificate Interest in respect of each Class of Regular Certificates for such Distribution Date;
(xix) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates, after giving effect to all the distributions allocable to principal made on such Distribution Date;
(xx) the Pass-Through Rate for each Class of Regular Certificates for such Distribution Date;
(xxi) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case, separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xxii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xxiii) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xxiv) the Class Principal Balance and Class X Notional Amount, as applicable, of each Class of Regular Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxv) the Certificate Factor for each Class of Regular Certificates immediately following such Distribution Date;
(xxvi) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicers, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 4.03(d);
(xxvii) the aggregate amount of interest on Servicing Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicers, the Special Servicer, the Trustee and any Fiscal Agent during the related Collection Period in accordance with Section 3.03(d);
(xxviii) the aggregate amount of servicing compensation (separately identifying the amount of each category of compensation) paid to the Master Servicers and the Special Servicer during the related Collection Period;
(xxix) the loan number for each Trust Required Appraisal Mortgage Loan and any related Appraisal Reduction Amount as of the related Determination Date;
(xxx) the original and then current credit support levels for each Class of Regular Certificates;
(xxxi) the original and then current ratings known to the Trustee for each Class of Regular Certificates;
(xxxii) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxxiii) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation;
(xxxiv) the amounts, if any, actually distributed with respect to the Class Z Certificates, the Class R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date; and
(xxxv) a brief description of any uncured Event of Default known to the Trustee (to the extent not previously reported) and, as determined and/or approved by the Depositor, any other information necessary to satisfy the requirements of Item 1121(a) of Regulation AB that can, in the Trustee's reasonable judgment, be included on the Distribution Date Statement without undue difficulty. In the case of information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xvii), (xxviii) and (xxxiii) above, insofar as the underlying information is solely within the control of the Special Servicer, the Trustee and the Master Servicers may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer. Each Distribution Date Statement shall identify the Distribution Date to which it relates and the Record Date, the Interest Accrual Period, the Determination Date and the Collection Period that correspond to such Distribution Date. The Trustee may conclusively rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). On each Distribution Date, the Trustee shall make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicers or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by either Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this Section. None of the Trustee, the Master Servicers or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall send to each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of "Distribution Date Statement" above and such other information as may be required to enable such Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate Owner upon the request of such Certificate Owner made in writing to the Corporate Trust Office (accompanied by current verification of such Certificate Owner's ownership interest). Such portion of such information as may be agreed upon by the Depositor and the Trustee shall be furnished to any such Person via overnight courier delivery or facsimile from the Trustee; provided that the cost of such overnight courier delivery or facsimile shall be an expense of the party requesting such information.
(a) to the extent it receives the necessary underlying information from the Special Servicer or either Master Servicer, as applicable, and shall not be liable for any failure to deliver any statement, report or information on the prescribed due dates, to the extent caused by failure to receive timely such underlying information. Nothing herein shall obligate the Trustee or either Master Servicer to violate any applicable law prohibiting disclosure of information with respect to any Mortgagor and the failure of the Trustee, either Master Servicer or the Special Servicer to disseminate information for such reason shall not be a breach hereof.
(b) In the performance of its obligations set forth in Section 4.05 and its other duties hereunder, the Trustee may, absent bad faith, conclusively rely on reports provided to it by the Master Servicers, and the Trustee shall not be responsible to recompute, recalculate or verify the information provided to it by the Master Servicers.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-2)
Statements to Certificateholders. Each month, at least two Business Days prior (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date, Date the Company Master Servicer shall deliver forward to the Trustee for mailing to each Certificateholder, 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 (800) 275-2048) to each Certificateholder on such Distribution DateHo▇▇▇▇, ▇▇▇ ▇▇▇tificate Insurer and the Depositor a statement (eachsetting forth the following information as to each Class of Certificates, a "Distribution Date Statement") substantially in each case to the form of Exhibit J hereto, setting forthextent applicable:
(i) The (A) the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying B) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (includingAdvance by the Master Servicer with respect to the Group I Loans, for this purpose, Group II Loans and the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased in the aggregate pursuant to Section 2.024.04;
(v) the number of Group I Loans, 2.03(b) or 3.16, respectively, Group II Loans and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant in the aggregate and the Stated Principal Balance after giving effect to Section 2.02 the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or 2.03(a)Notional Amount, as applicable, of each Class of the proceeds of which purchases or substitutions are being 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;
(iivii) The amount on the basis of such distribution the most recent reports furnished to it by Subservicers, the number and aggregate principal balances of Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are Delinquent (A) one month, (B) two months and (C) three or more months and the number and aggregate principal balance of Group I Loans, Group II Loans and the Mortgage Loans in the aggregate that are in foreclosure; 108
(viii) the number, aggregate principal balance and book value of any REO Properties with respect to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interestGroup I Loans, including any Accrual Amount added to Group II Loans and the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsMortgage Loans in the aggregate;
(iiiix) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number Accrued Certificate Interest remaining unpaid, if any, for each Class of the Mortgage Loans on the preceding Due Date Certificates, after giving effect to all distributions allocable to principal the distribution made on such Distribution Date;
(x) 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) Group I Special Hazard Amount, Group II Special Hazard Amount, Group I Fraud Loss Amount, Group II Fraud Loss Amount, Group I Bankruptcy Amount 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) with respect to the related Due Period, (a) the number of Group I Loans, Group II Loans and the Mortgage Loans in the aggregate for which a payment was made by the Mortgage Insurance 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, Group II Loans and the Mortgage Loans in the aggregate for which a claim has been presented to the Mortgage Insurance 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, Group II Loans and the Mortgage Loans in the aggregate for which a claim was presented to the Mortgage Insurance Policy Provider under the MI Policy since the Closing Date which claim was denied by the Mortgage Insurance Policy Provider and the aggregate amount of any such denied claims;
(xiii) 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)(v) and (vi) from each Loan Group and the amount of Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Certificate Insurer;
(xiv) 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 Weighted Average Group II Maximum Net Mortgage Rate;
(xv) any Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount, Group I Prepayment Interest Shortfalls or Group II Prepayment Interest Shortfalls;
(xvi) the 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; 109
(xvii) the number and aggregate principal balance of the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate repurchased under Section 4.07 or 4.08;
(xviii) the aggregate amount of any recoveries with respect to the Group I Loans, Group II Loans and the Mortgage Loans in the aggregate on previously foreclosed loans from Residential Funding due to a breach of representation or warranty;
(xix) the weighted 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;
(xx) the weighted average Mortgage Rates of the Group I Loans and the 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 Basis Risk Shortfall Reserve Fund for such Distribution Date and the remaining amount on deposit in the Basis Risk Shortfall Reserve Fund after such deposits and withdrawals;
(xxii) the occurrence of the Group I First Stepdown Date or Group I Second Stepdown Date, and whether the Group I First Stepdown Trigger Test and Group I Second Stepdown Trigger Test are satisfied; and
(xxiii) the current Rolling Six-Month Delinquency Ratio with respect to the Mortgage Loans in the aggregate. 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 $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.
(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) As soon as reasonably practicable, upon the written request of any 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. 110
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company shall deliver Trustee will include with each distribution to Certificateholders of a Scheduled Payment or Special Payment, as the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Datecase may be, a statement setting forth the information provided below (each, a "Distribution Date Statement") substantially in the form case of Exhibit J heretoa Special Payment, setting forthincluding any Special Redemption Premium, reflecting in part the information provided by the Escrow Paying Agent under the Escrow Agreement). Such statement shall set forth (per $1,000 face amount Certificate as to (ii), (iii), (iv) and (v) below) the following information:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being funds distributed on such Distribution Date)Date hereunder and under the Escrow Agreement, indicating the amount allocable to each source;
(ii) The the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) hereunder allocable to interestprincipal and the amount allocable to premium (including the Special Redemption Premium), including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Componentsif any;
(iii) The the amount of servicing compensation paid such distribution hereunder allocable to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;interest; and
(iv) The the amount of such distribution under the Escrow Agreement allocable to interest;
(v) the amount of such distribution under the Escrow Agreement allocable to Deposits; and
(vi) the Pool Scheduled Principal Balance and the aggregate number Pool Factor.
(b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Trustee shall furnish to each Person who at any time during such calendar year was a Certificateholder of record a statement containing the sum of the Mortgage Loans amounts determined pursuant to clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such calendar year or, in the event such Person was a Certificateholder of record during a portion of such calendar year, for such portion of such year, and such other items as are readily available to the Trustee and which a Certificateholder shall reasonably request as necessary for the purpose of such Certificateholder's preparation of its federal income tax returns. Such statement and such other items shall be prepared on the preceding Due Date after giving effect basis of information supplied to all distributions allocable the Trustee by the Agent Members and shall be delivered by the Trustee to such Agent Members to be available for forwarding by such Agent Members to the holders of interests in the Certificates in the manner described in Section 4.03(a).
(c) Promptly following (i) the Delivery Period Termination Date, if there has been any change in the information set forth in clauses (x), (y) and (z) below from that set forth in page 69 of the Offering Circular, and (ii) any early redemption or purchase of, or any default in the payment of principal made or interest in respect of, any of the Equipment Notes held in the Trust, or any Final Withdrawal, the Trustee shall furnish to Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each subsequent Regular Distribution Date following the Delivery Period Termination Date;, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal distribution schedule of the Equipment Notes, in the aggregate, held as Trust Property at the date of such notice. With respect to the Certificates registered in the name of DTC, on the Delivery Period Termination Date, the Trustee will request from DTC a securities position listing setting forth the names of all Agent Members reflected on DTC's books as holding interests in the Certificates on such date. The Trustee will mail to each such Agent Member the statement described above and will make available additional copies as requested by such Agent Member for forwarding to holders of interests in the Certificates.
Appears in 1 contract
Sources: Pass Through Trust Agreement (America West Airlines Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and any Borrower Related Party that certifies to the Trustee Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for mailing each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Prepayment Charges collected on the Trust Loan and the amount thereof allocated to each CertificateholderClass of Certificates, and (c) the Trustee shall mail amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Holders of each Certificateholder Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and the Companion Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event or any Operating Advisor Termination Event that in any case has been declared as of the close of business on the second Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days the Loan Borrower is delinquent in the event that the Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) if the Property had as of the close of business on the Loan Payment Date immediately preceding such Distribution Date become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of the Loan Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Loan Borrower;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrower during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xx) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses;
(xxi) the current Controlling Class; and
(xxii) the identity of the current Controlling Class Representative. The Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate Administrator’s Website only by virtue of its receipt and posting such information to the Certificate Administrator’s Website or its filing of such information, to the extent such information was not produced by the Certificate Administrator. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons and any Borrower Related Party that certifies to the Certificate Administrator in the form of Exhibit BB-2 that it is a Certificateholder or Beneficial Owner of a Certificate, pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect Special Servicer, as applicable. The Certificate Administrator shall be entitled to all distributions allocable to principal made rely on such Distribution Date;information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Loan Borrower or the Special Servicer, as
Appears in 1 contract
Sources: Trust and Servicing Agreement (CSAIL 2017-Cx10 Commercial Mortgage Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company shall deliver to the Trustee for mailing to each Certificateholder, Servicer and the Trustee Special Servicer, as applicable, the Certificate Administrator shall mail prepare and make available pursuant to each Certificateholder on such Distribution Date, Section 8.15(b) to any Privileged Person (including a statement (each, a "Distribution Date Statement") Privileged Person who provides the Certificate Administrator with an Investor Certification substantially in the form of Exhibit J K-2 hereto) and shall deliver to the Initial Purchasers, a statement, based upon information supplied to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions on such Distribution Date (a “Distribution Date Statement”) setting forth:
(i) The for each Class of Regular Certificates (1) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (includingand specifying the source of such payments)), for this purpose, (2) the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Yield Maintenance Default Premiums collected on the Mortgage Loans pursuant Loan allocable to Section 2.02 or 2.03(a), each Class of Certificates and (3) and the proceeds amount of which purchases or substitutions are being distributed interest paid on Advances from Default Interest and allocable to such Distribution Date)Class;
(ii) The if the amount of such the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) The the amount of any Monthly Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Regular Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Mortgage Loan, the Companion Loans and the Certificate Balance or Notional Amount of each Class of Certificates as of the end of the Collection Period for such Distribution Date, and the amount of Realized Losses allocated to each Class;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period, separately identifying the respective portions thereof allocable to the Mortgage Loan and each Companion Loan;
(vii) identification of any Mortgage Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, the Trustee, CREFC®, separately listing the Certificate Administrator Fee (including the portion that is the Trustee Fee), the Special Servicing Fee and the CREFC® Intellectual Property Royalty License Fee with respect to such Distribution Date;
(ix) the number of days the Borrowers are delinquent in the event that the Borrowers are delinquent at least thirty (30) days and the date upon which any foreclosure proceedings have been commenced;
(x) whether any Property, as of the close of business on the Payment Date preceding such Distribution Date had become a Foreclosed Property, together with an identification of same;
(xi) information with respect to any declared bankruptcy of the Borrower or any Loan Party;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of any portion of the Property by the Borrowers reported to the Certificate Administrator to the extent not already reported on the CREFC® Reports provided by the Servicer and posted on the Certificate Administrator’s Website;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer or the Trustee;
(xvi) an itemized report identifying any Appraisal Reduction Amount;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Parties during the related Collection Period;
(xviii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates with respect to the related Distribution Date;
(xix) the aggregate amount of Borrower Reimbursable Trust Fund Expenses;
(xx) the amount of the Yield Maintenance Default Premiums, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of the Certificates; and
(xxi) the Component Rate and Net Component Note Rate for each Component and the related Mortgage Loans Loan Interest Accrual Period. The Depositor, the Trustee, the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii) and (iv) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company deems necessary required by applicable law, or desirable that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons (including for this purpose a Privileged Person who provides the Certificate Administrator with an Investor Certification substantially in the form of Exhibit K-2 hereto) on each Distribution Date pursuant to Section 8.15(b). The Certificate Administrator’s obligation to provide such information shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to conclusively rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Loan Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Loan Parties. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to conclusively rely on information supplied by the Loan Parties without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.15(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Loan Parties. If so authorized by the Depositor, the Certificate Administrator may make available on its Internet website to any Privileged Person certain other information with respect to the Mortgage Loans Loan (subject to the limitations of Section 3.18). In addition, the Certificate Administrator shall make available on the preceding Due Date after giving effect to all distributions allocable to principal made on its website such Distribution Date;information as set forth in Section 8.15(b).
Appears in 1 contract
Sources: Trust and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2015-C28)
Statements to Certificateholders. Each month, at least two On the second Business Days prior to -------------------------------- Day preceding each Distribution Date (each, a "Determination Date"), the Company Depositor (or its designee) shall deliver to the Trustee for mailing to each Certificateholder, prepare and the Trustee shall mail to each Certificateholder on such Distribution Date, forward a statement (each, a "Distribution Date Statement") substantially to the Trustee, who in turn shall forward such statement by mail to each Rating Agency and each Certificateholder. Each such Distribution Date Statement shall set forth the form of Exhibit J hereto, setting forthfollowing information:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, Available Funds for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of the Interest Distribution Amount for such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsDistribution Date;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and Principal Distribution Amount, if any, for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled with respect to such Distribution Date, the [Class [A]] Interest Amount, the [Class [A]] Principal Distribution Amount and the aggregate amount of distributions made to the [Class [A]] Certificateholders on such Distribution Date in respect of each such item pursuant to Section 3.05;
(v) with respect to such Distribution Date, the [Class [B]] Interest Amount, the [Class [B]] Principal Distribution Amount and the aggregate amount of distributions made to the [Class [B]] Certificateholders on such Distribution Date in respect of each such item pursuant to Section 3.05;
(vi) the [Class [A]] Certificate Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date [Class [B]] Certificate Principal Balance, after giving effect to all distributions allocable to of principal made of such Certificates on such Distribution Date;; and
(vii) the amount of any withdrawals made from the Certificate Account since the immediately preceding Distribution Date pursuant to clauses (ii) through (iv) of Section 3.04, together with a general description of the purpose of each such withdrawal. In the case of the information furnished pursuant to clauses (i), (iv) and (v) above, the foregoing amounts shall also be stated as a dollar amount per $1,000 principal amount of the applicable Class. In addition, the Trustee promptly shall furnish to Certificateholders copies of any notices, statements, reports or other communications received by the Trustee as the Collateral Holder. On or before January 31 of each calendar year, beginning with calendar year 199[ ], the Trustee shall furnish by first class mail to each Person who at any time during the previous calendar year was a Certificateholder of record a statement containing the information required to be contained in the regular report to Certificateholders, as set forth in clauses (iv) and (v) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Certificateholder which statement shall contain sufficient information to allow Certificateholders to calculate their United States federal income tax liability with respect to the Certificates. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code. The Trustee shall furnish to each Certificateholder during the term of this Agreement such periodic, special or other reports or information, whether or not provided for herein, as shall be necessary, reasonable or appropriate with respect to the Certificateholder or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided by and in accordance with such applicable instructions and directions as the Certificateholder may reasonably require and at the expense of such Certificateholder.
Appears in 1 contract
Statements to Certificateholders. Each month, at least two Business Days prior to On each Distribution Date, the Company Trustee shall deliver include with each distribution to each Class A Certificateholder and Class B Certificateholder of record, a statement based on information in the related Servicer's Certificate furnished pursuant to Section 13.09, setting forth for the related Collection Period the following information (stated in the case of items (i), (ii) and (iii) below, on the basis of a Certificate with a denomination of $1,000) as of the related Record Date or such Distribution Date, as the case may be:
(i) the amount of the distribution allocable to principal on the Class A Certificates and the Class B Certificates;
(ii) the amount of the distribution allocable to interest on the Class A Certificates and the Class B Certificates;
(iii) the Certificateholder's pro rata portion of the Servicing Fee and any additional servicing compensation paid to the Trustee for mailing to each Certificateholder, Servicer and the Trustee shall mail fee paid to each Certificateholder the Letter of Credit Bank, if any;
(iv) the Pool Balance, the Class A Pool Factor and the Class B Pool Factor as of the related Record Date;
(v) the amount, if any, of proceeds received during the related Collection Period in connection with any physical damage insurance policies covering Financed Vehicles;
(vi) the amount on deposit in the Reserve Fund, after giving effect to distributions made on such Distribution Date, such amount as a statement (eachpercentage of the Pool Balance and, a "Distribution Date Statement") substantially if the amount on deposit in the form Reserve Fund has been reduced to zero, the number and aggregate dollar amount of Exhibit J hereto, setting forth:Defaulted Receivables;
(ivii) The the Servicer Letter of Credit Amount, if any, and such amount as a percentage of the Pool Balance;
(viii) the amount if any, of proceeds received during the related Collection Period from Dealer repurchase obligations relating to Defaulted Receivables;
(ix) the number and aggregate amount of such distribution to the Certificateholders of each Class (and in respect of any Component)Paid-Ahead Receivables, other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant unreimbursed Advances made with respect to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance Paid-Ahead Receivables and the aggregate number of change in such amounts from the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Dateprevious Collection Period;
Appears in 1 contract
Sources: Standard Terms and Conditions of Agreement (Fleetwood Credit Receivables Corp)
Statements to Certificateholders. Each month, at least (a) No later than two Business Days prior to each after the Determination Date for the immediately succeeding Distribution Date, the Company Master Servicer shall deliver to the Trustee for mailing a report in computer-readable form containing such information as the Trustee shall reasonably require in a format mutually acceptable to each Certificateholder, the Master Servicer and the Trustee in order to make, or cause its agents to make, distributions on the Certificates and prepare reports to Certificateholders. The Trustee may conclusively rely upon the accuracy of and shall be under no duty to recalculate, verify or recompute the information provided to it by the Master Servicer.
(b) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date (but no earlier than such Distribution Date), the Trustee shall forward by mail to each Certificateholder on such Distribution DateHolder, the Underwriter, the Master Servicer and the Depositor a statement (each, setting forth the following information as to each Class of Certificates to the extent applicable and to the extent the Trustee has received the Master Servicer tape in a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forthtimely manner:
(i) The (a) the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advances by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased Master Servicer pursuant to Section 2.02, 2.03(b4.04 by Loan Group;
(v) or 3.16, respectively, the number and any amounts deposited pursuant to Section 2.03(b) in connection with Pool Stated Principal Balance of the substitution of any Mortgage Loans pursuant by Loan Group after giving effect to Section 2.02 or 2.03(a)the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates, after giving effect to the proceeds of which purchases or substitutions are being amounts distributed on such Distribution Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(iivii) The amount of such distribution to the Certificateholders of each Class (other than any Class of related Subordinate Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsDistribution Amount;
(iiiviii) The amount of servicing compensation paid to on the Company during the month preceding the month of distribution in respect basis of the most recent reports furnished to it by Subservicers, if applicable, the number and aggregate principal balances of Mortgage Loans by Loan Group (not including REO Properties) that are delinquent (A) one month, (B) two months and such other customary information as (C) three months and the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsnumber and aggregate principal balance of Mortgage Loans (not including REO Properties) that are in foreclosure;
(ivix) The Pool Scheduled Principal Balance the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate number Accrued Certificate Interest remaining unpaid, if any, for each Class of the Mortgage Loans on the preceding Due Date Certificates, after giving effect to all distributions allocable to principal the distribution made on such Distribution 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 occurrence of the Group I Credit Support Depletion Date or the Group II Credit Support Depletion Date;
(xiii) the Group IA Percentage and the Group IIA Percentage for such Distribution Date;
(xiv) the aggregate amount of Realized Losses by Loan Group for such Distribution Date;
(xv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers 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;
(xvii) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the Group IA Prepayment Percentage and Group IIA Prepayment Percentage for such Distribution Date;
(xix) Extraordinary Losses by Loan Group for the Prior Period; and
(xx) the cumulative Realized Losses by Loan Group. 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 $1,000 denomination.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare, or cause to be prepared, and shall forward to each Person who at any time during the calendar year was the Holder of a Certificate other than a Residual Certificate, a
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Inc Mort Pass THR Cert Series 1998-3)
Statements to Certificateholders. Each month(a) the information provided by the Escrow Paying Agent under the Escrow Agreement). Such statement shall set forth (per $1,000 face amount Certificate as to (ii), at least two Business Days (iii), (iv) and (v) below) the following information:
(i) the aggregate amount of funds distributed on such Distribution Date hereunder and under the Escrow Agreement, indicating the amount allocable to each source;
(ii) the amount of such distribution hereunder allocable to principal and the amount allocable to premium (including the Special Redemption Premium), if any;
(iii) the amount of such distribution hereunder allocable to interest; and
(iv) the amount of such distribution under the Escrow Agreement allocable to interest;
(v) the amount of such distribution under the Escrow Agreement allocable to Deposits; and
(vi) the Pool Balance and the Pool Factor. With respect to the Certificates registered in the name of DTC, on the Record Date prior to each Distribution Date, the Company Trustee will request from DTC a securities position listing setting forth the names of all Agent Members reflected on DTC's books as holding interests in the Certificates on such Record Date. On each Distribution Date, the Trustee will mail to each such Agent Member the statement described above and will make available additional copies as requested by such Agent Member for forwarding to holders of interests in the Certificates.
(b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Trustee shall deliver furnish to each Person who at any time during such calendar year was a Certificateholder of record a statement containing the sum of the amounts determined pursuant to clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such calendar year or, in the event such Person was a Certificateholder of record during a portion of such calendar year, for such portion of such year, and such other items as are readily available to the Trustee and which a Certificateholder shall reasonably request as necessary for mailing the purpose of such Certificateholder's preparation of its federal income tax returns. Such statement and such other items shall be prepared on the basis of information supplied to each Certificateholder, and the Trustee by the Agent Members and shall be delivered by the Trustee to such Agent Members to be available for forwarding by such Agent Members to the holders of interests in the Certificates in the manner described in Section 4.03(a).
(c) for such Regular Distribution Dates and (z) the expected principal distribution schedule of the Equipment Notes, in the aggregate, held as Trust Property at the date of such notice. With respect to the Certificates registered in the name of DTC, on the Delivery Period Termination Date, the Trustee will request from DTC a securities position listing setting forth the names of all Agent Members reflected on DTC's books as holding interests in the Certificates on such date. The Trustee will mail to each Certificateholder on such Distribution Date, a Agent Member the statement (each, a "Distribution Date Statement") substantially described above and will make available additional copies as requested by such Agent Member for forwarding to holders of interests in the form of Exhibit J hereto, setting forth:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;.
Appears in 1 contract
Sources: Pass Through Trust Agreement (America West Airlines Inc)
Statements to Certificateholders. Each month, at least (a) No later than two Business Days prior to each after the Determination Date for the immediately succeeding Distribution Date, the Company Master Servicer shall deliver to the Trustee for mailing to each Certificateholder, and a report in computer-readable form containing such date such information as the Trustee shall reasonably require in order to make, or cause its agents to make, distributions on the Certificates and prepare reports to Certificateholders. The Trustee may conclusively rely upon the accuracy of and shall be under no duty to recalculate, verify or recompute the information provided to it by the Master Servicer.
(b) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trustee shall forward by mail to each Certificateholder on such Distribution DateHolder, the Underwriter, the Master Servicer and the Depositor a statement (each, setting forth the following information as to each Class of Certificates to the extent applicable and to the extent the Trustee has received the Master Servicer tape in a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forthtimely manner:
(i) The (a) the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advances by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased Master Servicer pursuant to Section 2.02, 2.03(b4.04 by Loan Group;
(v) or 3.16, respectively, the number and any amounts deposited pursuant to Section 2.03(b) in connection with Pool Stated Principal Balance of the substitution of any Mortgage Loans pursuant by Loan Group after giving effect to Section 2.02 or 2.03(a)the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates, after giving effect to the proceeds of which purchases or substitutions are being amounts distributed on such Distribution Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(iivii) The amount of such distribution to the Certificateholders of each Class (other than any Class of related Subordinate Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsDistribution Amount;
(iiiviii) The amount of servicing compensation paid to on the Company during the month preceding the month of distribution in respect basis of the most recent reports furnished to it by Subservicers, if applicable, the number and aggregate principal balances of Mortgage Loans by Loan Group (not including REO Properties) that are delinquent (A) one month, (B) two months and such other customary information as (C) three months and the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsnumber and aggregate principal balance of Mortgage Loans (not including REO Properties) that are in foreclosure;
(ivix) The Pool Scheduled Principal Balance the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate number Accrued Certificate Interest remaining unpaid, if any, for each Class of the Mortgage Loans on the preceding Due Date Certificates, after giving effect to all distributions allocable to principal the distribution made on such Distribution 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 occurrence of the Credit Support Depletion Date;
(xiii) the Group I Percentage and the Group II Percentage for such Distribution Date; 77
(xiv) the aggregate amount of Realized Losses by Loan Group for such Distribution Date;
(xv) the aggregate amount of any recoveries on previously foreclosed loans from Sellers 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;
(xvii) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xviii) the Group I Prepayment Percentage and Group II Prepayment Percentage for such Distribution Date;
(xix) Extraordinary Losses by Loan Group for the Prior Period; and
(xx) the cumulative Realized Losses by Loan Group. 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 $1,000 denomination.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare, or cause to be prepared, and shall forward to each Person who at any time during the calendar year was the Holder of a Certificate other than a Residual 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 Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare, or cause to be prepared, and shall forward to each Person who at any time during the calendar year was the Holder of a Residual 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 Residual Certificate. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code.
(e) Upon the written request of any Holder of a Class B-3, Class B-4, Class B-5 or Residual Certificate, the Master Servicer, as soon as reasonably practicable, 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.
(f) Upon request to the Trustee by any Holder of a Certificate who is a Holder thereof at the time of making such request (an "Eligible Certificateholder"), the Trustee shall provide, in the form of a computer-readable tape or disk, loan by loan data with respect to the payment experience on the Mortgage Loans containing at least the fields of information listed on Exhibit N hereto (based on information provided by the Master Servicer). In addition, upon the written request of any Eligible Certificateholder, the Trustee shall provide similar loan by loan data with respect to any prior monthly remittance report to the Certificateholders pursuant to this Agreement (as and when such information becomes available). The expense of providing any tape or disk pursuant to this subsection shall be the expense of the Eligible Certificateholder. The Trustee shall include in each monthly remittance report pursuant to this Agreement a statement that the monthly loan by loan information described in this subsection is available upon the request and at the expense of any Eligible Certificateholder directed to the Trustee.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Inc Mort Pass THR Cert Series 1998-1)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company Servicer shall deliver provide to the Trustee (with a copy to the Rating Agencies) for mailing to each Certificateholder, and the Trustee shall mail to forward on such date to each Certificateholder on such Distribution Date, of record a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J heretoC setting forth at least the following information as to the Certificates for the related Collection Period, setting forthto the extent applicable:
(i) The the amount of such the distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying principal on the aggregate amount of any Principal Prepayments included therein (including, for this purpose, Class A Certificates and the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class B Certificates;
(ii) The the amount of such the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to interest on the Class Certificate Principal Balance or Component Principal Balance of any A Certificates and the Class of Accrual Certificates or any Accrual ComponentsB Certificates;
(iii) The the Yield Supplement Amount;
(iv) the amount of servicing compensation the Basic Servicing Fee paid to the Company during Servicer with respect to the month preceding related Collection Period;
(v) the month Class A Certificate Balance, the Class A Pool Factor, the Class B Certificate Balance and the Class B Pool Factor as of distribution in respect such Distribution Date, after giving effect to payments allocated to principal reported pursuant to clause (i) above;
(vi) the Pool Balance as of the Mortgage Loans close of business of the Servicer on the last day of the related Collection Period;
(vii) the amount of the aggregate Realized Losses, if any, for such Collection Period;
(viii) (x) the excess, if any, of the Class A Certificate Balance over the Pool Balance and (y) the excess, if any, of the Class B Certificate Balance over the amount by which the Pool Balance exceeds the Class A Certificate Balance;
(ix) the balance of the Reserve Account on such Distribution Date, after giving effect to changes therein on such Distribution Date; and
(x) the aggregate Purchase Amount of Receivables repurchased by the Seller or purchased by the Servicer. Each amount set forth pursuant to clauses (i) through (iv) above shall be expressed in the aggregate and as a dollar amount per $1,000 of original denomination of the Certificates.
(b) Within a reasonable period of time after the end of each calendar year, but not later than the latest date permitted by law, the Servicer shall furnish a report to the Trust and the Trustee shall furnish, or cause to be furnished, to each Person who at any time during such calendar year shall have been a Certificateholder, a statement based upon such report as to the sum of the amounts determined in clauses (i) through (iv) above for such calendar year, or, in the event such Person shall have been a Certificateholder during a portion of such calendar year, for the applicable portion of such year, and such other customary information as is available to the Company Servicer as the Servicer deems necessary or desirable to enable the Certificateholders to prepare their federal income tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Security Auto Grantor Trust 1997-A)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and make available on the Certificate Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person and the Loan Borrower or any affiliate of the Loan Borrower that certifies that it is a Certificateholder or Beneficial Owner of a Certificate, a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth, among other things:
(i) for each Class of Certificates, (a) the amount of the distributions made on such Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying the amount of any principal payments (specifying the source of such payments)), (b) the amount of any Yield Maintenance Premiums collected on the Trust Loan and the amount thereof allocated to each Class of Certificates, and (c) the amount of interest paid on Advances from Default Interest and allocable to such Class of Certificates;
(ii) if the amount of the distributions to the Trustee Holders of each Class of Certificates was less than the full amount that would have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to interest and principal;
(iii) the amount of any Monthly Payment Advance for mailing such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as applicable, of each Class of Certificates after giving effect to each Certificateholderany distribution in reduction of the Certificate Balance or Notional Amount, as applicable, on such Distribution Date and the Trustee shall mail to each Certificateholder allocation of Realized Losses on such Distribution Date, a statement (each, a "and the amount of Realized Losses allocated to each Class on such Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:Date;
(iv) The amount the principal balance of such distribution to the Certificateholders Trust Loan and each Companion Loan and the principal balance of each Class Note as of the end of the Collection Period for such Distribution Date;
(and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying vi) the aggregate amount of any Principal Prepayments included therein unscheduled payments (including, for this purpose, and the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(bsuch payments) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(bmade during the related Collection Period;
(vii) in connection with the substitution identification of any Mortgage Loans pursuant Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event or any Special Servicer Termination Event that in any case has been declared as of the close of business on the second Business Day prior to Section 2.02 or 2.03(a), the proceeds end of which purchases or substitutions are being distributed on the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date);
(ii) The , separately listing any Liquidation Fees or Work-Out Fees and any other Loan Borrower charges retained by the Servicer or Special Servicer and the amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee, the Trustee Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC® with respect to such Distribution Date;
(ix) the number of days the Loan Borrower is delinquent in the event that the Loan Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) if the Property had as of the close of business on the Loan Payment Date immediately preceding such Distribution Date become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of the Loan Borrower;
(xii) as to any item of Collateral released, liquidated or disposed of during the month preceding Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Loan Borrower;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;
(xvi) a report identifying any Appraisal Reduction Amount;
(xvii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;
(xviii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Borrower during the related Collection Period;
(xix) the original rating of each Class of Certificates and the current rating of each Class of Certificates;
(xx) the aggregate amount of Loan Borrower Reimbursable Trust Fund Expenses; and
(xxi) the identity of the Controlling Class. The Depositor, the Trustee, the Certificate Administrator, the Servicer and the Special Servicer may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s Website can be obtained by calling the Certificate Administrator’s investor relations desk at (▇▇▇) ▇▇▇-▇▇▇▇. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and (xx) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force. The Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner of Certificates may access notice of a request of a vote to terminate and replace the Special Servicer on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner of Certificates may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting notices of such requests.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged Persons pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Loan Borrower or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Mortgage Loans Loan Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Loan Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such information from the Loan Borrower. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Borrower without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the preceding Due Date after giving effect quarterly, annual and periodic statements and rent rolls with respect to all distributions allocable the Property obtained by the Servicer from the Loan Borrower. If so authorized by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to principal made any Privileged Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)). In addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 1 contract
Sources: Trust and Servicing Agreement (GS Mortgage Securities Trust 2015-Gs1)
Statements to Certificateholders. Each month, at least two Business Days prior to On each Distribution Date, based, as applicable, on information provided to it by the Company Master Servicer, the Trust Administrator shall deliver prepare and make available to each Holder of the Regular Certificates, the Master Servicer, the Trustee and the Rating Agencies, a statement as to the Trustee for mailing distributions to each Certificateholder, and the Trustee shall mail to each Certificateholder be made on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in setting forth the form of Exhibit J hereto, setting forthfollowing:
(i) The the amount of the distribution made on such distribution Distribution Date to the Certificateholders Holders of Certificates of each such Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The the amount of the distribution made on such distribution Distribution Date to the Certificateholders Holders of Certificates of each such Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The the aggregate amount of servicing compensation paid to received by the Company Master Servicer during the month preceding the month of distribution in respect of the Mortgage Loans related Due Period and such other customary information as the Company Trust Administrator deems necessary or desirable desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(iv▇▇) The Pool Scheduled ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇&▇ ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇h Loan Group for such Distribution Date;
(v) the aggregate Stated Principal Balance and the aggregate number of the Mortgage Loans and any REO Properties in each Loan Group at the close of business on such Distribution Date;
(vi) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans in each Loan Group as of the related Due Date;
(vii) the number and aggregate unpaid principal balance of Mortgage Loans in each Loan Group that are (a) delinquent 30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days in each case, as of the last day of the preceding calendar month, (d) as to which foreclosure proceedings have been commenced and (e) with respect to which the related Mortgagor has filed for protection under applicable bankruptcy laws, with respect to whom bankruptcy proceedings are pending or with respect to whom bankruptcy protection is in force;
(viii) with respect to any Mortgage Loan in any Loan Group that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and the Stated Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(ix) the book value and the Stated Principal Balance of any REO Property as of the close of business on the last Business Day of the calendar month preceding the Distribution Date;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the aggregate amount of Realized Losses with respect to the Mortgage Loans in each Loan Group incurred during the related Prepayment Period (or, in the case of Bankruptcy Losses allocable to interest, during the related Due Date Period), separately identifying whether such Realized Losses constituted Fraud Losses, Special Hazard Losses or Bankruptcy Losses;
(xii) the aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the Collection Account or the Distribution Account for such Distribution Date;
(xiii) the aggregate Certificate Principal Balance of each such Class of Certificates, after giving effect to all distributions allocable to principal the distributions, and allocations of Realized Losses and Extraordinary Trust Fund Expenses, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses and Extraordinary Trust Fund Expenses;
(xiv) the Certificate Factor for each such Class of Certificates applicable to such Distribution Date;
(xv) the Interest Distribution Amount in respect of each such Class of Certificates for such Distribution Date (separately identifying any reductions in the case of Subordinate Certificates resulting from the allocation of Realized Losses allocable to interest and Extraordinary Trust Fund Expenses on such Distribution Date) and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of such Certificates on such Distribution Date;
(xvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Master Servicer pursuant to Section 3.24;
(xvii) the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(xviii) the then-applicable Bankruptcy Amount, Fraud Loss Amount, and Special Hazard Amount;
(xix) with respect to any Mortgage Loan as to which foreclosure proceedings have been concluded, the loan number and unpaid principal balance of such Mortgage Loan as of the date of such conclusion of foreclosure proceedings; and
(xx) with respect to Mortgage Loans as to which a Final Liquidation has occurred, the number of Mortgage Loans, the unpaid principal balance of such Mortgage Loans as of the date of such Final Liquidation and the amount of proceeds (including Liquidation Proceeds and Insurance Proceeds) collected in respect of such Mortgage Loans. In the case of information furnished pursuant to subclauses (i) through (iii) above, the amounts shall be expressed as a dollar amount per Single Certificate of the relevant Class.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Sov Bk MRT Ln Tr Se 2002-1)
Statements to Certificateholders. Each month, at least two Business Days prior to Certain Reports by the Master Servicer and the Special Servicer.
(a) On each Distribution Date, the Company Trustee shall deliver provide or make available, either in electronic format or by first-class mail to each Holder (and, if it shall have certified to the Trustee for mailing as to its Ownership Interest in a Class of Book-Entry Certificates, each Certificateholder, Certificate Owner) of the Regular Certificates and to the Trustee shall mail to each Certificateholder on such Distribution Date, Rating Agencies a statement (each, a "Distribution Date Statement") ), substantially in the form contemplated on pages C-1 through C-17 of Exhibit J heretothe Prospectus Supplement, as to the distributions made on such Distribution Date setting forth:
(i) The the amount of the distribution, if any, on such distribution Distribution Date to the Certificateholders Holders of each Class (of REMIC II Regular Certificates and Class of Class CM Certificates in respect reduction of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Class Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Balance thereof;
(ii) The the amount of the distribution, if any, on such distribution Distribution Date to the Certificateholders Holders of each Class (other than any of REMIC II Regular Certificates allocable to Distributable Certificate Interest and the amount of the distribution, if any, on such Distribution Date to the Holders of each Class of Principal Only Certificates) REMIC II Regular Certificates allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsPrepayment Premiums;
(iii) The the amount of servicing compensation paid the distribution, if any, on such Distribution Date to the Company during Holders of each Class of CM Certificates allocable to Distributable CM Component Mortgage Loan Certificate Interest;
(iv) the month preceding Available Distribution Amount for such Distribution Date;
(v) the month aggregate amount of distribution P&I Advances (both as to those within any applicable grace period and those which are beyond any applicable grace period, together with the aggregate amount of delinquencies) and other Servicing Advances made in respect of the immediately preceding Distribution Date;
(vi) P&I Advances outstanding as of the Master Servicer Remittance Date;
(vii) the aggregate amount of P&I Advances made in respect of the immediately preceding Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool (less (a) the CML Subordinate Balances of the CML Subordinate Components and (b) the CM Component Mortgage Loan Subordinate Balance of each of the CM Component Mortgage Loan Subordinate Components) outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Pool as of the end of the Collection Period for the immediately preceding Determination Date;
(x) as of the Determination Date for the related Distribution Date, the number, aggregate unpaid principal balance and specific identification (by loan number) of Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 or more days, (D) current but specially serviced or in foreclosure but not a REO Property and (E) identification of Mortgage Loans the Mortgagor for which is subject to bankruptcy;
(xi) with respect to any REO Property included in the Trust Fund as of the end of the Collection Period for such Distribution Date, the principal balance of the Mortgage Loan as of the date such Mortgage Loan became delinquent;
(xii) the Accrued Certificate Interest and Distributable Certificate Interest and Distributable CM Component Mortgage Loan Certificate Interest in respect of each Class of REMIC II Regular Certificates and each of the Class CM Certificates, as applicable, for such Distribution Date;
(xiii) the aggregate amount of Distributable Certificate Interest and Distributable CM Component Mortgage Loan Certificate Interest payable in respect of each Class of REMIC II Regular Certificates and each of the Class CM Certificates, as applicable, on such Distribution Date, including, without limitation, any Distributable Certificate Interest remaining unpaid from prior Distribution Dates;
(xiv) any unpaid Distributable Certificate Interest and Distributable CM Component Mortgage Loan Certificate Interest in respect of each Class of REMIC II Regular Certificates and each of the Class CM Certificates, as applicable, after giving effect to the distributions made on such Distribution Date;
(xv) the Pass-Through Rate for each Class of REMIC II Regular Certificates and each of the Class CM Certificates for such Distribution Date;
(xvi) the Principal Distribution Amount for such Distribution Date, separately identifying the respective components of such amount;
(xvii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses (broken down by type of expense) incurred during the related Collection Period, and an itemization of all such Additional Trust Fund Expenses;
(xviii) the Certificate Principal Balance or Notional Amount, as the case may be, of each Class of REMIC II Regular Certificates and each of the Class CM Certificates outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xix) the Certificate Factor for each Class of REMIC II Regular Certificates and Class of Class CM Certificates immediately following such Distribution Date;
(xx) the aggregate amount of servicing fees paid to the Master Servicer and the Special Servicer, collectively and separately, during the related Collection Period; and
(xxi) a brief description of any material waiver, modification or amendment of any Mortgage Loan entered into by the Master Servicer or Special Servicer pursuant to Section 3.20 during the related Collection Period;
(xxii) current and cumulative outstanding Advances;
(xxiii) current prepayments and curtailments;
(xxiv) the number and aggregate principal balance of Mortgage Loans as to which foreclosure proceedings have been commenced as to the related Mortgaged Property;
(xxv) the ratings from all Rating Agencies for all classes of Certificates;
(xxvi) the amounts, if any, distributed in respect of the Class V Certificates; and
(xxvii) the amounts, if any, distributed in respect of the Class CM Certificates.
(a) since the preceding Distribution Date (or, in the case of the initial Distribution Date, since the Closing Date) shall be made available with the Distribution Date Statement. In the case of information furnished pursuant to clauses (i) and (ii) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per Single Certificate. Except with respect to the Certificate Factor (required to be reported by clause (xix) above), financial information reported by the Trustee to the Certificateholders pursuant to this Section 4.02 shall be expressed as a dollar amount rounded to the nearest whole cent. Absent actual knowledge of an error therein, the Trustee shall have no obligation to recompute, recalculate or verify any information provided to it by the Master Servicer or Special Servicer. The calculations by the Trustee contemplated by this Section 4.02 shall, in the absence of manifest error, be presumptively deemed to be correct for all purposes hereunder. The Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). In addition, the Trustee shall provide or make available, either in electronic format or by first-class mail, to such Certificateholders and Certificate Owners and to the Rating Agencies, at the same time that the Distribution Date Statement is delivered thereto, each (i) CMSA Delinquent Loan Status Report, (ii) CMSA REO Status Report, (iii) CMSA Historical Loan Modification Report, (iv) CMSA Historical Liquidation Report, (v) CMSA Comparative Financial Status Report, (vi) CMSA Servicer Watch List Report, (viii) CMSA Loan Periodic Update File, (ix) CMSA Property File, and (x) CMSA Financial File and CMSA Loan Set-Up File (such six supplemental reports and four data files, the "Servicer Reports") that has been received by the Trustee since the prior Distribution Date and the CMSA Bond File and CMSA Collateral Summary File (the "Trustee Reports"). Additionally, the Trustee shall also be required to provide or make available, either in electronic format or by first-class mail, the Servicer Reports to any potential investor in the Certificates who requests such reports in writing. In addition, the Depositor shall cause the Mortgage Loan Seller to prepare (or cause to be prepared on its behalf) a CMSA Loan Set-Up File. The Master Servicer and the Trustee, as applicable, shall prepare and deliver or make available to the Directing Certificateholder, the reports and information described on Exhibit K, in the forms and formats and within the time frames set forth therein. Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish to each Person who at any time during the calendar year was a Holder of a REMIC II Regular Certificate a statement containing the information as to the applicable Class set forth in clauses (i) and (ii) above of the description of Distribution Date Statement, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder, together with such other customary information as the Company deems Trustee determines to be necessary or desirable to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force. Upon filing with the IRS, the REMIC Administrator shall furnish to the Holders of the Class R-I and Class R-II Certificates the related Forms 1066 and shall furnish their respective Schedules Q thereto at the times required by the Code or the IRS, and shall provide from time to time such information and computations with respect to the entries on such forms as any Holder of the Class R-I and Class R-II Certificates may reasonably request. The Trustee will make available each month, to any interested party, the Distribution Date Statement (and any additional files containing the same information in an alternative format) via the Trustee's Website. In addition, the Trustee will make available to any interested party each month the Servicer Reports, the CMSA Loan Setup File, the CMSA Loan Periodic Update File, CMSA Property File and CMSA Financial File, CMSA Bond Level File, CMSA Collateral Summary File and the Credit Lease Loan Report on the Trustee's Website. In addition, the Trustee will make available, as a convenience for interested parties (and not in furtherance of the distribution of the Base Prospectus and the Prospectus Supplement under the securities laws), this Agreement, the Base Prospectus and the Prospectus Supplement via the Trustee's Website. For assistance with the above-referenced services, interested parties may call (714) 238-6740. The Trustee will make no representations or warranties as to ▇▇▇ ▇▇▇▇racy or completeness of such documents and will assume no responsibility therefor. In connection with providing access to the Trustee's Website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee shall not be liable for the dissemination of the information in accordance herewith.
(ivb) The Pool Scheduled Principal Balance Master Servicer shall deliver or cause to be delivered to the Trustee, the Directing Certificateholder and the Special Servicer (which delivery to the Special Servicer and the Directing Certificateholder may be accomplished by making such information available on the Master Servicer's Internet Website), on a computer-readable medium, in form reasonably acceptable to the Trustee, including, without limitation, on a loan-by-loan basis, (A) at or before 5:00 p.m. (New York City time) on the third Business Day prior to the related Distribution Date beginning in October, 2002, the Servicer Reports and the Special Servicer Loan Status Report delivered to the Master Servicer by the Special Servicer (it being understood that a separate Special Servicer Loan Status Report shall not be necessary if the equivalent information has been included in the foregoing or other reports delivered by the Master Servicer and as provided by the Special Servicer), and (B) at or before 5:00 p.m. (New York City time) on the third Business Day prior to the related Distribution Date (the "Master Servicer Reporting Date"), (i) beginning in October, 2002, the CMSA Loan Periodic Update File, and (ii) beginning in November, 2002, the CMSA Property File, CMSA Financial File and other CMSA reports and data files. Not later than the fifth day of the calendar month following each Master Servicer Remittance Date, the Master Servicer shall forward to the Trustee a statement, setting forth the status of the Certificate Account as of the close of business as to the calendar month prior to such Master Servicer Remittance Date, stating that all distributions required by this Agreement to be made by the Master Servicer have been made (or, in the case of any required distribution that has not been made by the Master Servicer, specifying the nature and status thereof) and showing, for such calendar month, the aggregate number of deposits into and withdrawals from the Certificate Account for each category of deposit specified in Section 3.04(a) and each category of withdrawal specified in Section 3.05(a). The Master Servicer shall also deliver to the Trustee, upon reasonable request of the Trustee, any and all additional information relating to the Mortgage Loans on (which information shall be based upon reports delivered to the preceding Due Date Master Servicer by the Special Servicer with respect to Specially Serviced Mortgage Loans and REO Properties). Following the end of each calendar quarter, commencing with the calendar quarter ended September 30, 2002, if available, and otherwise, December 31, 2002, within 105 days (or 180 days, in the case of annual year end operating information, commencing with year end 2002) of receipt by the Master Servicer, as to non-Specially Serviced Mortgage Loans, or within thirty (30) days after giving effect receipt by the Special Servicer, as to all distributions allocable Specially Serviced Mortgage Loans, of any annual, quarterly or other periodic operating statements or rent rolls with respect to principal made on any Mortgaged Property or REO Property, the Master Servicer (or the Special Servicer, as applicable), shall deliver to the Trustee (but only upon the request of the Trustee) and the Directing Certificateholder, electronically, beginning June, 2003, or as soon as available, for year-end 2002 electronic or imaged copies, with the Directing Certificateholder's naming convention, of such Distribution Date;operating statements and rent rolls. Based upon such operating statements or related rent rolls, the Master Servicer (based upon operating statements, rent rolls, written reports and data fields collected or prepared by the Special Servicer pursuant to Section 3.12(b) and furnished to the Master Servicer by the Special Servicer in the case of the Specially Serviced Mortgage Loans), shall prepare (or, if previously prepared, update, inclusive of year-to-date data), starting with the quarter ending December 31, 2002, a written analysis of the operations of the Mortgaged Property or REO Property, by completing a CMSA Operating Statement Analysis Report, together with a CMSA NOI Adjustment Worksheet for annual year-end operating statements and related rent rolls. All CMSA Operating Statement Analysis Reports and CMSA NOI Adjustment Worksheets shall be maintained by the Master Servicer with respect to each Mortgaged Property and REO Property. The Master Servicer shall deliver copies thereof (X) in the related time frame and in the format set forth in the Controlling Class Certificateholder Reports Checklist; (Y) beginning with the quarter ending December 2002 in electronic or imaged form using the Directing Certificateholder's naming convention, subject to the time frame set forth above for the electronic transmission of documents; and (Z) to the Directing Certificate
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mort Pass Through Cert Ser 2002-2)
Statements to Certificateholders. Each month, at least two Business Days prior (a) Concurrently with each distribution to each Distribution DateCertificateholders, the Company Grantor Trustee shall deliver to make available via the Trustee for mailing to each CertificateholderGrantor Trustee’s internet website as set forth below, all of the information contained in the Underlying Certificates Remittance Report and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forthfollowing:
(i) The amount the respective Pass-Through Rates on each of such distribution to the Certificateholders of each Class (Underlying Certificates and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Certificates;
(ii) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance respective amounts of any Class interest distributions made to each of Accrual the Underlying Certificates or any Accrual Componentsand the Certificates;
(iii) The amount the respective amounts of servicing compensation paid any principal distributions made to the Company during the month preceding the month of distribution in respect each of the Mortgage Loans Underlying Certificates and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsCertificates;
(iv) The Pool Scheduled the Current Principal Balance and Amount of each Class of Certificates;
(v) the amount of any payments of Carryover Shortfall Amounts to the Underlying Certificates;
(vi) the amount of any Underlying Realized Loss or Net Deferred Interest allocated to the Underlying Certificates;
(vii) the amount of any payments made to the Swap Counterparty by the Trust; and
(viii) the amount of any payments made to the Trust by the Swap Counterparty.
(b) Within a reasonable period of time after the end of the preceeding calendar year, beginning in 2006, the Grantor Trustee will furnish such report to each Holder of the Certificates of record at any time during the prior calendar year as to the aggregate number of amounts reported pursuant to subclauses (a)(ii), (a)(iii), (a)(iv) and (a)(v) above with respect to the Certificates, and at the request of the Mortgage Loans on Holders, any other amounts which would enable such Holders to prepare their tax returns for such calendar year. Such obligations shall be deemed to have been satisfied to the preceding Due Date after giving effect extent that substantially comparable information shall be provided by the Grantor Trustee to all distributions allocable such Holders pursuant to principal made on such Distribution Date;the requirements of the Code.
Appears in 1 contract
Sources: Grantor Trust Agreement (GreenPoint MTA Trust 2005-Ar4)
Statements to Certificateholders. Each month(a) On each Distribution Date, at least two Business Days the Trustee will include with each distribution to Certificateholders of a Scheduled Payment or Special Payment, as the case may be, a statement setting forth the information provided below (in the case of a Special Payment, including any Special Redemption Premium, reflecting in part the information provided by the Escrow Paying Agent under the Escrow Agreement). Such statement shall set forth (per $1,000 face amount Certificate as to (ii), (iii), (iv) and (v) below) the following information:
(i) the aggregate amount of funds distributed on such Distribution Date hereunder and under the Escrow Agreement, indicating the amount allocable to each source;
(ii) the amount of such distribution hereunder allocable to principal and the amount allocable to premium (including the Special Redemption Premium), if any;
(iii) the amount of such distribution hereunder allocable to interest; and
(iv) the amount of such distribution under the Escrow Agreement allocable to interest;
(v) the amount of such distribution under the Escrow Agreement allocable to Deposits; and
(vi) the Pool Balance and the Pool Factor. With respect to the Certificates registered in the name of DTC, on the Record Date prior to each Distribution Date, the Company shall deliver Trustee will request that DTC post on its internet bulletin board a securities position listing setting forth the names of all Agent Members reflected on DTC's books as holding interests in the Certificates on such Record Date.
(b) forwarding by such Agent Members to the Trustee for mailing to each Certificateholderholders of interests in the Certificates in the manner described in Section 4.03(a).
(c) Promptly following (i) the Transfer Date, if there has been any change in the information set forth in clauses (x), (y) and (z) below from that set forth in pages 56 of the Offering Circular, and (ii) any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Equipment Notes held in the Trust, or any Final Withdrawal, the Trustee shall furnish to Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each subsequent Regular Distribution Date following the Delivery Period Termination Date, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal distribution schedule of the Equipment Notes, in the aggregate, held as Trust Property at the date of such notice. With respect to the Certificates registered in the name of DTC, on the Transfer Date, the Trustee will request from DTC a securities position listing setting forth the names of all Agent Members reflected on DTC's books as holding interests in the "Certificates" (as defined in the Related Pass Through Trust Agreement) on the Delivery Period Termination Date. The Trustee will mail to each Certificateholder on such Distribution Date, a Agent Member the statement (each, a "Distribution Date Statement") substantially described above and will make available additional copies as requested by such Agent Member for forwarding to holders of interests in the form of Exhibit J hereto, setting forth:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;.
Appears in 1 contract
Sources: Pass Through Trust Agreement (America West Airlines Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to Concurrently with each distribution on a Distribution Date, the Company shall deliver Trustee will forward by mail to the Trustee for mailing to Holder of each CertificateholderCertificate, and the Trustee shall mail to each Certificateholder on such Distribution Date, Rating Agency a statement (each, a "Distribution Date Statement") substantially in generally setting forth the form of Exhibit J hereto, setting forthfollowing information:
(i) The amount of such distribution to the Certificateholders of each Class (Available Interest Funds and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Available Principal Prepayments included therein (including, Funds for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date), and the amount (if any) by which Available Principal Funds has been reduced on account of the payment of certain expenses, liabilities and taxes described in the definition thereof;
(ii) The with respect to such Distribution Date, the aggregate amount of such distribution principal and interest, stated separately, distributed to the Certificateholders Holders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The with respect to such Distribution Date, the amount of servicing compensation paid to any interest shortfall for each Class of Certificates, together with the Company during the month preceding the month amount of distribution in respect of the Mortgage Loans and any unpaid interest shortfall for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsClass immediately following such Distribution Date;
(iv) The Pool Scheduled Principal with respect to each Class of Certificates, the losses allocated to such Class with respect to such Distribution Date;
(v) the Class Certificate Balance and the aggregate number of the Mortgage Loans on the preceding Due Date each Class of Certificates, after giving effect to all distributions allocable to of principal made of such Certificates on such Distribution Date;; and
(vi) any additional amount distributed to the Holder of the Class A-R Certificate on such Distribution Date. In addition, the Trustee will furnish to Certificateholders copies of the statements received by the Trustee as the holder of the Deposited Underlying Certificates on behalf of the Trust Fund. Within a reasonable period of time after the end of each calendar year, the Trustee will prepare and deliver to each person who at any time during the previous calendar year was a Certificateholder of record a statement containing the information required to satisfy any requirements of the Code, the REMIC Provisions and regulations thereunder as from time to time are in force. For purposes of this Section 3.08, the Trustee's duties are limited to the extent that adequate information is reasonably available to the Trustee as described herein.
Appears in 1 contract
Sources: Trust Agreement (CWMBS Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer and/or the Special Servicer, as applicable, the Certificate Administrator shall deliver provide or make available pursuant to Section 8.14(b) to any Privileged Person a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, P setting forth:
(i) The for each Class of Regular Certificates the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, and specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelysuch payments)), and any amounts deposited pursuant the amount of interest paid on Advances from Default Interest and allocable to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Aggregate Available Funds, the amount of the shortfall allocable to such Class, stating separately the amounts allocable to principal and interest;
(iii) The the amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and any Monthly Interest Payment Advance for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled Principal the Certificate Balance and or Notional Amount, as the aggregate number case may be, of the Mortgage Loans on the preceding Due Date each Class of Regular Certificates after giving effect to all distributions allocable to principal made any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan and any Companion Loan (including, without limitation, all or any portion thereof that constitutes an REO Trust Loan or REO Companion Loan, as applicable) as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;
(vii) identification of any Mortgage Loan Event of Default, Special Servicing Loan Event, Servicer Termination Event or Special Servicer Termination Event under this Agreement, that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Servicer, the Special Servicer, the Certificate Administrator and the Trustee, separately listing the Servicing Fee, the Special Servicing Fee and the Trustee/Certificate Administrator Fee (which includes the Trustee Fee);
(ix) the number of days the Borrower Parties are delinquent in the event that the Borrower Parties are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) identification of whether the Property, as of the close of business on the Payment Date immediately preceding such Distribution Date, had become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of any Borrower Party;
(xii) as to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the related Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Property by the Borrower Parties as of the end of the related Collection Period;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;
(xvi) an itemized report identifying any Appraisal Reduction Amount;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Party during the related Collection Period;
(xviii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses;
(xix) the amount of Yield Maintenance Premium, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of the respective Classes of the Regular Certificates entitled thereto;
(xx) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xxi) the amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;
(xxii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the related Collection Period to the extent provided to the Certificate Administrator by the Special Servicer pursuant to this Agreement; and
(xxiii) identification of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control Period or CCR Consultation Period. The Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that during a CCR Control Period, no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and the Controlling Class Representative) without the prior written consent of the Controlling Class Representative.
Appears in 1 contract
Sources: Trust and Servicing Agreement (GS Mortgage Securities Trust 2020-Gc47)
Statements to Certificateholders. Each month, at least two Business Days prior (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date, Date the Company Master Servicer shall deliver forward to the Trustee for mailing to each Certificateholder, and the Trustee shall forward by mail to each Certificateholder on such Distribution Date, Holder and the Company a statement (each, a "Distribution Date Statement") substantially in setting forth the form following information as to each Class of Exhibit J hereto, setting forth:Certificates to the extent applicable: 50
(ia) The the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advance by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased Master Servicer pursuant to Section 2.02, 2.03(b4.04;
(v) or 3.16, respectivelythe number and Pool 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, and any each of the Senior, Class M and Class B Percentages, after giving effect to the amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(iivii) The amount of such distribution to the Certificateholders of each Class (other than any Class of related Subordinate Principal Only Certificates) allocable to interestDistribution Amount and Prepayment Distribution Percentage, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Componentsif applicable;
(iiiviii) The amount of servicing compensation paid to on the Company during the month preceding the month of distribution in respect basis of the most recent reports furnished to it by Subservicers, the number and aggregate principal balances of Mortgage Loans that are delinquent (A) one month, (B) two months and such other customary information as (C) three months and the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsnumber and aggregate principal balance of Mortgage Loans that are in foreclosure;
(ivix) The Pool Scheduled Principal Balance the number, aggregate principal balance and book value of any REO Properties;
(x) the aggregate number Accrued Certificate Interest remaining unpaid, if any, for each Class of the Mortgage Loans on the preceding Due Date Certificates, after giving effect to all distributions allocable to principal the distribution made on such Distribution 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 weighted average Pool Strip Rate for such Distribution Date and the Pass-Through Rate on the Class A-14 Certificates and each Subclass, if any, thereof;
(xiii) the occurrence of the Credit Support Depletion Date and the Accretion Termination Date;
(xiv) the Senior Accelerated Distribution Percentage applicable to such distribution;
(xv) the Senior Percentage and Lockout Distribution for such Distribution Date;
(xvi) the aggregate amount of Realized Losses for such Distribution Date;
(xvii) the aggregate amount of any recoveries on previously foreclosed loans from Sellers due to a breach of representation or warranty;
(xviii) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xix) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)
Statements to Certificateholders. Each month, at least two Business Days prior to each Distribution Date, the Company shall deliver Reports to the Trustee for mailing and the Seller. Concurrently with each distribution pursuant to Section 4.01(e), the Master Servicer, or the Paying Agent appointed by the Master Servicer (upon receipt of such statement from the Master Servicer), shall make available to each Certificateholder, Holder of a Certificate and the Trustee shall mail to each Certificateholder on such Distribution Date, Seller a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:
(i) The the amount of such distribution to the Certificateholders Holders of each Class (and in respect of any Component), other than any Notional Class A Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Unscheduled Principal Prepayments Receipts included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)therein;
(ii) The (a) the amount of such distribution to the Certificateholders Holders of each Class (other than any of Class of Principal Only Certificates) A Certificates allocable to interest, including (b) the amount of the Current Class A Interest Distribution Amount allocated to each Class of Class A Certificates, (c) any Accrual Amount added Class A Interest Shortfall Amounts arising with respect to such Distribution Date and any remaining Class A Unpaid Interest Shortfall with respect to each Class after giving effect to such distribution, (d) the Class Certificate Principal Balance or Component Principal Balance amount of any Non-Supported Interest Shortfall allocated to each Class of Accrual Class A Certificates or for such Distribution Date and (e) the amount of any Accrual ComponentsRelief Act Shortfall allocated to each Class of Class A Certificates for such Distribution Date;
(iii) The the amount of servicing compensation paid such distribution to Holders of each Class of Class B Certificates allocable to principal, separately identifying the aggregate amount of any Unscheduled Principal Receipts included therein;
(iv) (a) the amount of such distribution to Holders of each Class of Class B Certificates allocable to interest, (b) the amount of the Current Class B Interest Distribution Amount allocated to each Class of Class B Certificates (c) any Class B Interest Shortfall Amounts arising with respect to such Distribution Date and any remaining Class B Unpaid Interest Shortfall with respect to each Class of Class B Certificates after giving effect to such distribution, (d) the amount of any Non-Supported Interest Shortfall allocated to each Class of Class B Certificates for such Distribution Date and (e) the amount of any Relief Act Shortfall allocated to each Class of Class B Certificates for such Distribution Date;
(v) the amount of any Periodic Advance by any Servicer, the Master Servicer or the Trustee pursuant to the Company during Servicing Agreements or this Agreement;
(vi) the month number of Mortgage Loans outstanding as of the preceding Determination Date;
(vii) the month Class A Principal Balance, the Principal Balance of distribution in each Class of Class A Certificates, the Class B Principal Balance and the Principal Balance of each Class of Class B Certificates as of the following Determination Date after giving effect to the distributions of principal made, and the principal portion of Realized Losses, if any, allocated with respect to such Distribution Date;
(viii) the Adjusted Pool Amount, the Adjusted Pool Amount (PO Portion), the Pool Scheduled Principal Balance of the Mortgage Loans for such Distribution Date and the aggregate Scheduled Principal Balance of the Discount Mortgage Loans for such Distribution Date;
(ix) the aggregate Scheduled Principal Balances of the Mortgage Loans serviced by Wells Fargo Bank in its capacity as Servicer and, collectively, b▇ ▇▇▇ Other Servicers as of such Distribution Date;
(x) the Class A Percentage for such Distribution Date;
(xi) the Class A Prepayment Percentage for such Distribution Date;
(xii) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Percentages for such Distribution Date;
(xiii) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Prepayment Percentages for such Distribution Date;
(xiv) the number and aggregate principal balances of Mortgage Loans delinquent (a) one month, (b) two months and (c) three months or more;
(xv) the number and aggregate principal balances of the Mortgage Loans in foreclosure as of the preceding Determination Date;
(xvi) the book value of any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xvii) the principal and interest portions of Realized Losses allocated as of such Distribution Date;
(xviii) the amount by which the Principal Balance of each Class of Class B Certificates has been reduced as a result of Realized Losses allocated as of such Distribution Date;
(xix) the unpaid principal balance of any Mortgage Loan as to which the Servicer of such Mortgage Loan has determined not to foreclose because it believes the related Mortgaged Property may be contaminated with or affected by hazardous wastes or hazardous substances;
(xx) the amount of the aggregate Servicing Fees and Master Servicing Fees paid (and not previously reported) with respect to the related Distribution Date and the amount by which the aggregate Available Master Servicer Compensation has been reduced by the Prepayment Interest Shortfall for the related Distribution Date;
(xxi) in the case of each Class of LIBOR Certificates, the applicable Class A Pass-Through Rate;
(xxii) the Class A-PO Deferred Amount, if any;
(xxiii) the amount of PMI Advances made by a Servicer, if any; and
(xxiv) such other customary information as the Company Master Servicer deems necessary or desirable to enable Certificateholders to prepare their tax returns;
; and shall deliver a copy of each type of statement to the Trustee, who shall provide copies thereof to Persons making written request therefor at the Corporate Trust Office. In the case of information furnished with respect to a Class of Class A Certificates pursuant to clauses (i) and (ii) above and with respect to a Class of Class B Certificates pursuant to clauses (iii) and (iv) The Pool Scheduled Principal Balance above, the amounts shall be expressed as a dollar amount per Class A or Class B Certificate (other than the Class A-R Certificate) with a $1,000 Denomination, and as a dollar amount per Class A-R Certificate with a $100 Denomination. Within a reasonable period of time after the end of each calendar year, the Trustee shall, upon request, furnish or cause to be furnished to each Person who at any time during the calendar year was the Holder of a Certificate a statement containing the information set forth in clauses (i) and (ii)(a) above in the case of a Class A Certificateholder and the aggregate number information set forth in clauses (iii) and (iv)(a) above in the case of a Class B Certificateholder aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Mortgage Loans Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Master Servicer or the Trustee pursuant to any requirements of the Code from time to time in force. Prior to the close of business on the third Business Day preceding Due Date after giving effect to all distributions allocable to principal made on such each Distribution Date;, the Master Servicer shall furnish a statement to the Trustee, any Paying Agent and the Seller (the information in such statement to be made available to Certificateholders by the Trustee on written request) setting forth the Class A Distribution Amount with respect to each Class of Class A Certificates and the Class B Distribution Amount with respect to each Class of Class B Certificates. The determination by the Master Servicer of such amounts shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Trustee and the Paying Agent shall be protected in relying upon the same without any independent check or verification. In addition to the reports required pursuant to this Section 4.04, the Paying Agent shall make available upon request to each Holder and each proposed transferee of a Class B-4, Class B-5 or, Class B-6 Certificate such additional information, if any, as may be required to permit the proposed transfer to be effected pursuant to Rule 144A, which information shall be provided on a timely basis to the Paying Agent by the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities Series 2004-6)
Statements to Certificateholders. Each month, at least (a) No later than two Business Days prior to each after the Determination Date for the immediately succeeding Distribution Date, the Company Master Servicer shall deliver to the Trustee for mailing to each Certificateholder, and a report in computer-readable form containing such date such information as the Trustee shall reasonably require in order to make, or cause its agents to make, distributions on the Certificates and prepare reports to Certificateholders. The Trustee may conclusively rely upon the accuracy of and shall be under no duty to recalculate, verify or recompute the information provided to it by the Master Servicer.
(b) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date the Trustee shall forward by mail to each Certificateholder on such Distribution DateHolder, the Underwriter, the Master Servicer and the Depositor a statement (each, setting forth the following information as to each Class of Certificates to the extent applicable and to the extent the Trustee has received the Master Servicer tape in a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forthtimely manner:
(i) The (a) the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advances by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased Master Servicer pursuant to Section 2.02, 2.03(b4.04 by Loan Group;
(v) or 3.16, respectively, the number and any amounts deposited pursuant to Section 2.03(b) in connection with Pool Stated Principal Balance of the substitution of any Mortgage Loans pursuant by Loan Group after giving effect to Section 2.02 or 2.03(a)the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates, after giving effect to the proceeds of which purchases or substitutions are being amounts distributed on such Distribution Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(iivii) The amount of such distribution to the Certificateholders of each Class (other than any Class of related Subordinate Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsDistribution Amount;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Inc Mort Pass THR Cert Series 1998-2)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Regular Distribution Date and Special Distribution Date, the Company Trustee will include with each distribution to the Class C Certificateholders a statement, giving effect to the distribution to be made on such Regular Distribution Date or Special Distribution Date, setting forth the following information (per $1,000 aggregate face amount of Class C Certificates as to clauses (ii), (iii), (iv) and (v) below):
(i) the aggregate amount of funds distributed on such Distribution Date under this Agreement and the Escrow Agreement, indicating the amount, if any, allocable to each source;
(ii) the amount of such distribution under this Agreement allocable to principal and the amount allocable to Premium (if any);
(iii) the amount of such distribution under this Agreement allocable to interest;
(iv) the amount of such distribution under the Escrow Agreement allocable to interest, if any;
(v) the amount of such distribution under the Escrow Agreement allocable to unused Deposits, if any; and
(vi) the Pool Balance and the Pool Factor.
(b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Trustee shall deliver furnish to each Person who at any time during such calendar year was a Class C Certificateholder of record a statement containing the sum of the amounts AMERICAS 94409275 v12 (2K) 13 Trust Supplement No. 2017-1C (Spirit 2017-1 EETC) determined pursuant to clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such calendar year or, in the event such Person was a Class C Certificateholder of record during a portion of such calendar year, for the applicable portion of such year, and such other items as are readily available to the Trustee and which a Class C Certificateholder may reasonably request as necessary for mailing to each the purpose of such Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement ’s preparation of its United States federal income tax returns or foreign income tax returns.
(each, a "Distribution Date Statement"c) substantially in the form of Exhibit J hereto, setting forthPromptly following:
(i) The amount the Delivery Period Termination Date, or, if later, the date of any Final Withdrawal (the later of such distribution dates, the “Escrow Period Termination Date”), if there has been, on or prior to the Certificateholders Escrow Period Termination Date, any early redemption or purchase of, or any default in the payment of each Class (and principal or interest in respect of, any of the Series C Equipment Notes held in the Class C Trust, any Component)Event of Loss Withdrawal or any Final Withdrawal, other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);and
(ii) The amount the date of any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Series C Equipment Notes held in the Class C Trust, in either case described in this clause (ii), occurring after the Escrow Period Termination Date, the Trustee shall furnish to Class C Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each subsequent Regular Distribution Date following the Delivery Period Termination Date or the date of such early redemption, purchase or default, (y) the related Pool Factors for such Regular Distribution Dates, and (z) the expected principal distribution schedule of the Series C Equipment Notes, in the aggregate, held as Trust Property at the date of such notice.
(d) Notwithstanding anything to the Certificateholders contrary herein or in the Basic Agreement, to the extent a Class C Certificateholder has provided in writing sufficient wire transfer details to the Trustee, each distribution on the Class C Certificates to such Certificateholder shall be made by wire transfer in immediately available funds to the account designated by such Certificateholder.
(e) The provisions of each Class (other than any Class this Section 5.01 supersede and replace the provisions of Principal Only Certificates) allocable to interest, including any Accrual Amount added Section 4.03 of the Basic Agreement in their entirety with respect to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;C Trust.
Appears in 1 contract
Statements to Certificateholders. Each month, at least two Business Days prior (a) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date, Date the Company Master Servicer shall deliver forward to the Trustee for mailing to each Certificateholder, 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 (800) 275-2048) to e▇▇▇ ▇▇▇▇▇▇, ▇▇e Certificate Insurer and the Depositor a statement setting forth the following information as to each Certificateholder on such Distribution DateClass of Certificates, a statement (each, a "Distribution Date Statement") substantially in each case to the form of Exhibit J hereto, setting forthextent applicable:
(i) The (A)the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying B) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advance by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant Master Servicer with respect to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 4.04;
(v) the number of Mortgage Loans the Mortgage Loans in the aggregate and the Stated Principal Balance after giving effect to the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance or 2.03(a)Notional Amount, as applicable, of each Class of the proceeds of which purchases or substitutions are being 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;
(iivii) The amount on the basis of such distribution the most recent reports furnished to it by Subservicers, the Certificateholders number and aggregate principal balances of each Class Mortgage Loans that are Delinquent (other than any Class A) one month, (B) two months and (C) three or more months and the number and aggregate principal balance of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsMortgage Loans that are in foreclosure;
(iiiviii) The amount the number, aggregate principal balance and book value of servicing compensation paid any REO Properties with respect to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsLoans;
(ivix) The Pool Scheduled Principal Balance and the aggregate number Accrued Certificate Interest remaining unpaid, if any, for each Class of the Mortgage Loans on the preceding Due Date Certificates, after giving effect to all distributions allocable to principal 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 Special Hazard Amount, Fraud Loss Amount and Bankruptcy 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 Mortgage Insurance 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 Mortgage Insurance 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 Mortgage Insurance Policy Provider under the MI Policy since the Closing Date which claim was denied by the Mortgage Insurance Policy Provider and the aggregate amount of any such denied claims;
(xiii) 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)(iv) and the amount of Cumulative Insurance Payments after giving effect to any such Insured Amount or any such reimbursement payment to the Certificate Insurer;
(xiv) the Pass-Through Rate on each Class of Certificates, the Net WAC Cap Rate and the Weighted Average Maximum Net Mortgage Rate;
(xv) any Basis Risk Shortfall, Basis Risk Shortfall Carry-Forward Amount and Prepayment Interest Shortfalls;
(xvi) the Overcollateralization Amount and the Required Overcollateralization Amount following such Distribution Date;
(xvii) the number and aggregate principal balance of the Mortgage Loans repurchased under Section 2.06, 4.07 or 4.08;
(xviii) 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;
(xix) the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xx) the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution Date;
(xxi) the aggregate of any deposits to and withdrawals from the Basis Risk Shortfall Reserve Fund for such Distribution Date and the remaining amount on deposit in the Basis Risk Shortfall Reserve Fund after such deposits and withdrawals; and
(xxii) the current Rolling Six-Month Delinquency Ratio with respect to the Mortgage Loans and the aggregate amount of Realized Losses since the Cut-off Date for the Mortgage 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 $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.
(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) As soon as reasonably practicable, upon the written request of any 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.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Regular Distribution Date and Special Distribution Date, the Company Trustee will include with each distribution to the Class C Certificateholders a statement, giving effect to the distribution to be made on such Regular Distribution Date or Special Distribution Date, setting forth the following information (per $1,000 aggregate face amount of Class C Certificates as to clauses (ii) and (iii)):
(i) the aggregate amount of funds distributed on such Distribution Date under this Agreement, indicating the amount, if any, allocable to each source;
(ii) the amount of such distribution under this Agreement allocable to principal and the amount allocable to Premium (if any);
(iii) the amount of such distribution under this Agreement allocable to interest; and
(iv) the Pool Balance and the Pool Factor.
(b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Trustee shall deliver furnish to each Person who at any time during such calendar year was a Class C Certificateholder of record a statement containing the sum of the amounts determined pursuant to clauses (a)(i), (a)(ii) and (a)(iii) above for such calendar year or, in the event such Person was a Class C Certificateholder of record during a portion of such calendar year, for the applicable portion of such year, and such other items as are readily available to the Trustee and which a Class C Certificateholder may reasonably request as necessary for mailing to each the purpose of such Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement ’s preparation of its United States federal income tax returns or foreign income tax returns.
(each, a "Distribution Date Statement"c) substantially in the form of Exhibit J hereto, setting forthPromptly following:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);[Intentionally omitted]
(ii) The amount the date of any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Series C Equipment Notes held in the Class C Trust. the Trustee shall furnish to Class C Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each subsequent Regular Distribution Date following the date of such early redemption, purchase or default, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal distribution schedule of the Series C Equipment Notes, in the aggregate, held as Trust Property at the date of such notice.
(d) Notwithstanding anything to the Certificateholders contrary herein or in the Basic Agreement, to the extent a Class C Certificateholder has provided in writing sufficient wire transfer details to the Trustee, each distribution on the Class C Certificates to such Certificateholder shall be made by wire transfer in immediately available funds to the account designated by such Certificateholder.
(e) The provisions of each Class (other than any Class this Section 5.01 supersede and replace the provisions of Principal Only Certificates) allocable to interest, including any Accrual Amount added Section 4.03 of the Basic Agreement in their entirety with respect to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;C Trust.
Appears in 1 contract
Statements to Certificateholders. Each month, at least (a) No later than two Business Days prior to each after the Determination Date for the immediately succeeding Distribution Date, the Company Master Servicer shall deliver to the Trustee for mailing a report in computer-readable form containing such information as the Trustee shall reasonably require in a format mutually acceptable to each Certificateholder, the Master Servicer and the Trustee in order to make, or cause its agents to make, distributions on the Certificates and prepare reports to Certificateholders. The Trustee may conclusively rely upon the accuracy of and shall be under no duty to recalculate, verify or recompute the information provided to it by the Master Servicer.
(b) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date (but no earlier than such Distribution Date), the Trustee shall forward by mail to each Certificateholder on such Distribution DateHolder, the Underwriter, the Master Servicer and the Depositor a statement (each, setting forth the following information as to each Class of Certificates to the extent applicable and to the extent the Trustee has received the Master Servicer tape in a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forthtimely manner:
(i) The (a) the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advances by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased Master Servicer pursuant to Section 2.02, 2.03(b4.04;
(v) or 3.16, respectively, the number and any amounts deposited pursuant to Section 2.03(b) in connection with Pool Stated Principal Balance of the substitution of any Mortgage Loans pursuant after giving effect to Section 2.02 or 2.03(a)the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates, after giving effect to the proceeds of which purchases or substitutions are being amounts distributed on such Distribution Date), separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual distribution of principal;
(iivii) The amount of such distribution to the Certificateholders of each Class related Subordinate Principal Distribution Amount; 63 74 (other than any Class of Principal Only Certificatesviii) allocable to interest, including any Accrual Amount added to on the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect basis of the most recent reports furnished to it by Subservicers, if applicable, the number and aggregate principal balances of Mortgage Loans (not including REO Properties) that are delinquent (A) one month, (B) two months and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(ivC) The Pool Scheduled Principal Balance three months and the number and aggregate number principal balance of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date(not including REO Properties) that are in foreclosure;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Inc/)
Statements to Certificateholders. Each month, at least two On the second Business Days prior to Day preceding each Distribution Date (each, a "Determination Date"), the Company Depositor (or its designee) shall deliver to the Trustee for mailing to each Certificateholder, prepare and the Trustee shall mail to each Certificateholder on such Distribution Date, forward a statement (each, a "Distribution Date Statement") substantially to the Trustee, who in turn shall forward such statement by mail to each Rating Agency and each Certificateholder. Each such Distribution Date Statement shall set forth the form of Exhibit J hereto, setting forthfollowing information:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, Available Funds for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of the Interest Distribution Amount for such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual ComponentsDistribution Date;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and Principal Distribution Amount, if any, for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled with respect to such Distribution Date, the [Class [A]] Interest Amount, the [Class [A]] Principal Distribution Amount and the aggregate amount of distributions made to the [Class [A]] Certificateholders on such Distribution Date in respect of each such item pursuant to Section 3.05;
(v) with respect to such Distribution Date, the [Class [B]] Interest Amount, the [Class [B]] Principal Distribution Amount and the aggregate amount of distributions made to the [Class [B]] Certificateholders on such Distribution Date in respect of each such item pursuant to Section 3.05;
(vi) the [Class [A]] Certificate Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date [Class [B]] Certificate Principal Balance, after giving effect to all distributions allocable to of principal made of such Certificates on such Distribution Date;; and
(vii) the amount of any withdrawals made from the Certificate Account since the immediately preceding Distribution Date pursuant to clauses (ii) through (iv) of Section 3.04, together with a general description of the purpose of each such withdrawal. In the case of the information furnished pursuant to clauses (i), (iv) and (v) above, the foregoing amounts shall also be stated as a dollar amount per $1,000 principal amount of the applicable Class. In addition, the Trustee promptly shall furnish to Certificateholders copies of any notices, statements, reports or other communications received by the Trustee as the Collateral Holder. On or before January 31 of each calendar year, beginning with calendar year [ ], the Trustee shall furnish by first class mail to each Person who at any time during the previous calendar year was a Certificateholder of record a statement containing the information required to be contained in the regular report to Certificateholders, as set forth in clauses (iv) and (v) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Certificateholder which statement shall contain sufficient information to allow Certificateholders to calculate their United States federal income tax liability with respect to the Certificates. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code. The Trustee shall furnish to each Certificateholder during the term of this Agreement such periodic, special or other reports or information, whether or not provided for herein, as shall be necessary, reasonable or appropriate with respect to the Certificateholder or otherwise with respect to the purposes of this Agreement, all such reports or information to be provided by and in accordance with such applicable instructions and directions as the Certificateholder may reasonably require and at the expense of such Certificateholder.
Appears in 1 contract
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Determination Date, the Company Servicer shall deliver provide to the Trustee Paying Agent (with a copy to the Rating Agencies) for mailing the Paying Agent to each Certificateholder, and the Trustee shall mail forward to each Certificateholder on such Distribution Date, of record a statement (each, each a "Distribution Date Statement") substantially in setting forth with respect to the form of Exhibit J hereto, setting forthrelated Collection Period at least the following information as to the Certificates to the extent applicable:
(i) The the amount of such the distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying principal of the aggregate amount of any Principal Prepayments included therein (including, for this purpose, Class A Certificates and the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class B Certificates;
(ii) The the amount of such the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to interest on the Class Certificate Principal Balance or Component Principal Balance of any A Certificates and the Class of Accrual Certificates or any Accrual ComponentsB Certificates;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect Pool Balance as of the Mortgage Loans and close of business on the last day of such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsCollection Period;
(iv) The Pool Scheduled Principal Balance the amount of the Base Servicing Fee paid to the Servicer with respect to such Collection Period and the aggregate number Class A Percentage and Class B Percentage of the Mortgage Loans Base Servicing Fee paid to the Servicer with respect to such Collection Period;
(v) the amount of any Class A Interest Carryover Shortfall, Class A Principal Carryover Shortfall, Class B Interest Carryover Shortfall and Class B Principal Carryover Shortfall on the Distribution Date immediately following such Collection Period and the change in such amounts from those with respect to the immediately preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mellon Auto Grantor Trust 1999-1)
Statements to Certificateholders. Each monthConcurrently with each distribution to Certificateholders pursuant to this Article V, at least two Business Days prior to each Distribution Date, the Company shall deliver to the Trustee for mailing to each Certificateholder, and the Trustee shall mail mail, or cause the Paying Agent to mail, to each Certificateholder at the address appearing on the Certificate Register the Monthly Report prepared by the Servicer together with the following information prepared by the Servicer:
(1) the amount of fees and expenses payable out of the Trust Fund for such Collection Period;
(2) the percentage obtained by dividing the aggregate Certificate Balances with respect to each Class (after giving effect to the distributions on the Certificates made on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying by the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Initial Certificate Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant with respect to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)each Class;
(ii3) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary factual information as is available to the Company Servicer as the Servicer deems necessary or desirable and can obtain reasonably from its existing data base to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance . In the case of information furnished with respect to a dollar amount, the amounts shall be expressed as a dollar amount per Certificate with a $1,000 denomination. Within a reasonable period of time after the end of each calendar year, subject to the next sentence, but in no event later than 90 days after the end of such year, the Servicer shall prepare and furnish to the Trustee, the Paying Agent and the aggregate number Certificate Administrator, and the Trustee, promptly upon receipt, shall furnish or cause the Paying Agent to furnish to each Person who at any time during the calendar year was the Holder of a Certificate, a statement containing the information set forth in clauses (b) and (c) of Section 5.04, in the case of Class I A Certificateholders, (f)-(h) of Section 5.04, in the case of Class I M-1 Certificateholders, (k)-(m) of Section 5.04, in the case of Class I M-2 Certificateholders, (p) and (q) of Section 5.04, in the case of Class II A Certificateholders, (t)-(v) of Section 5.04, in the case of Class II M-1 Certificateholders, and (y)-(aa) of Section 5.04, in the case of Class II M-2 Certificateholders, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Mortgage Loans on Servicer shall be deemed to have been satisfied to the preceding Due Date after giving effect extent that substantially comparable information shall be provided by the Servicer pursuant to all distributions allocable any requirements of the Code as from time to principal made on time in force. On each Distribution Date, the Servicer shall forward or cause to be forwarded by mail to each Holder of a Class R Certificate, a copy of the Monthly Report for such Distribution Date;. The Servicer shall also forward or cause to be forwarded by mail to each Holder of a Class R Certificate, a statement setting forth such information as the Servicer deems necessary or appropriate. Within a reasonable period of time after the end of each calendar year, the Servicer shall furnish or cause to be furnished to each Person who at any time during the calendar year was a Holder of a Class R Certificate a statement containing the applicable distribution information provided pursuant to this Section 5.07 aggregated for such calendar year or applicable portion thereof during which such Person was a Holder of a Class R Certificate. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the Code. A Certificate Owner holding Certificates of a Class representing in the aggregate at least 5% of the Percentage Interests of such Class shall, upon written request to the Trustee certifying its beneficial ownership of such Certificates, be entitled to receive copies of all reports provided by the Trustee. Copies of all reports provided by the Trustee to the Certificateholders shall also be provided to each Rating Agency and the Insurer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenpoint Credit Man Housing Cont Tr Pas THR Cert Ser 01 1)
Statements to Certificateholders. Each month, at least two (a) By no later than the close of business on the Business Days prior to Day immediately preceding each Distribution Date, the Company Trustee shall deliver provide a paper copy or electronic copy of the Monthly Statement (as defined below) for such Distribution Date to the Certificate Insurers and the Yield Maintenance Agreement Counterparty. Concurrently with each distribution to Certificateholders, the Trustee for mailing shall make available electronically to each Certificateholder, the Depositor, the Master Servicer, the Rating Agencies, the Certificate Insurers, the Underwriter and the Trustee shall mail to each Certificateholder on such Distribution DateYield Maintenance Agreement Counterparty, a statement (each, a the "Distribution Date Monthly Statement") substantially setting forth, without limitation, the following information, based solely on information received from the Master Servicer, expressed with respect to clauses (ii), (iii), (vi), (vii), (ix) and (x) in the form aggregate and as a Percentage Interest representing an initial Certificate Principal Balance of Exhibit J hereto$1,000 or, setting forthin the case of the Class A-IO Certificates, a Percentage Interest of 20% of the Class A-IO Notional Balance:
(i) The amount of such distribution to the Certificateholders Certificate Principal Balance of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable immediately prior to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The the amount of such the distribution allocable to the Certificateholders of principal on each Class (other than any applicable Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The the aggregate amount of servicing compensation paid interest accrued at the related Pass-Through Rate with respect to the Company each Class of Certificates during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsrelated Accrual Period;
(iv) The Pool Scheduled Principal the amount of any Class A Insured Payments or Class M Insured Payments;
(v) the Class A-IO Notional Balance and the aggregate number then outstanding as of the Mortgage Loans on the preceding Due Date such Distribution Date, after giving effect to all distributions allocable to principal made any payment of interest on such Distribution Date;
(vi) the amount of the distribution allocable to interest on each Class of Certificates and, if applicable, the portion thereof comprising such Class' share of any Yield Maintenance Agreement Payments;
(vii) the amount of any Class A Insured Payment or Class M Insured Payment included in the amounts distributed to the Class A and Class A-IO Certificateholders and to the Class M Certificateholders, respectively, on such Distribution Date;
(viii) the Pass-Through Rates of the Certificates with respect to such Distribution Date;
(ix) any Class Interest Carryover Shortfall for each Class of Certificates;
(x) any Net WAC Cap Carryover Amount for each Class of Capped Certificates;
(xi) the amount of any Yield Maintenance Agreement Payments or Yield Maintenance Agreement Termination Payments made by the Yield Maintenance Agreement Counterparty and allocated to either the Class A, Class A-IO or Class M Certificates, as applicable;
(xii) the Certificate Principal Balance of each Class of Certificates after such Distribution Date, giving effect to (a) distributions allocable to principal and (b) Class M Applied Realized Loss Amounts and Class A Applied Realized Loss Amounts with respect to such Distribution Date;
(xiii) whether a Trigger Event has occurred;
(xiv) the amount of any Monthly Advances and Compensating Interest Payments by the Master Servicer included in such distribution;
(xv) the amount of any Class M Applied Realized Loss Amounts or Class A Applied Realized Loss Amounts and the amount and source (separately identified) of any distribution in respect thereof included in such distribution;
(xvi) the amount of Class M Applied Realized Loss Amount and Class A Applied Realized Loss Amount allocated to the Class M Certificates and Class A Certificates, respectively, on such Distribution Date and in the aggregate for all prior Distribution Dates;
(xvii) the Cumulative Loss Percentage for the related Due Period and the aggregate Cumulative Loss Percentage since the Closing Date;
(xviii) the amount of Outstanding Principal and Principal Prepayments (including but separately identifying the principal amount of principal prepayments, the purchase price in connection with the purchase of Mortgage Loans, cash deposits in connection with substitutions of Mortgage Loans and Net Liquidation Proceeds), as applicable, with respect to the Mortgage Loans;
(xix) the number and the aggregate Outstanding Principal Balances of the Mortgage Loans (excluding REO Property), in each case remaining in the Trust Fund as of the end of the related Due Period;
(xx) the Delinquency Ratio and the Rolling Three Month Delinquency Rate;
(xxi) the number and the aggregate Outstanding Principal Balances of all Mortgage Loans (A) 31-60 days Delinquent, (B) 61-90 days Delinquent and (C) 91 or more days Delinquent;
(xxii) the number of Mortgage Loans in the foreclosure process as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans, together with the percentage each represents of the total Outstanding Principal Balance then owing;
(xxiii) the number of Mortgage Loans with respect to which the related Mortgagor was bankrupt as of the end of the related Due Period and the aggregate Outstanding Principal Balance of such Mortgage Loans, together with the percentage each represents of the total Outstanding Principal Balance then owing;
(xxiv) the number and aggregate outstanding Outstanding Principal Balance of all Mortgage Loans which were REO Property as of the end of the related Due Period, together with the percentage each represents of the total Outstanding Principal Balance then owing;
(xxv) the book value (the sum of (A) the Outstanding Principal Balance of the Mortgage Loan and (B) accrued interest on the Outstanding Principal Balance through the date of foreclosure and (C) foreclosure expenses) of any REO Property; provided that, in the event that such information is not available to the Master Servicer and the Trustee on the Distribution Date, such information shall be furnished promptly after it becomes available;
(xxvi) with respect to any Liquidated Mortgage Loan, the loan number and the Outstanding Principal Balance thereof;
(xxvii) the ratio based on the aggregate Outstanding Principal Balance divided by the most recent Quick Sale Value as of the end of the related Due Period for each Mortgage Loan in the foreclosure process and each Mortgage Loan that is REO Property;
(xxviii) the Overcollateralization Amount;
(xxix) the Senior Enhancement Percentage;
(xxx) the Prepayment Penalty Amount;
(xxxi) the Net Available Amount;
(xxxii) the weighted average Mortgage Interest Rate as of the Due Date occurring in the Due Period related to such Distribution Date;
(xxxiii) the weighted average remaining term to stated maturity of all Mortgage Loans; and
(xxxiv) the aggregate Principal Balance of the three largest Mortgage Loans. The Trustee shall make the information set forth above (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders that provide appropriate certificates in the form attached as Exhibit O hereto (which may be submitted electronically via the Trustee’s internet website), the Depositor, the Master Servicer, the Certificate Insurers, the Yield Maintenance Agreement Counterparty, the Rating Agencies and the Underwriter via the Trustee’s internet website. The Trustee’s internet website shall initially be located at "▇▇▇.▇▇▇▇▇▇▇▇.▇▇▇." Assistance in using the website can be obtained by calling the Trustee’s customer service desk at (▇▇▇) ▇▇▇-▇▇▇▇. Parties that are unable to use the above distribution options shall be entitled to have a paper copy mailed to them via first class mail or have a copy sent by e-mail by calling the customer service desk and indicating such. The Class A Certificate Insurer shall have such information sent to it by means of e-mail at the following address: "▇▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇▇". The Trustee shall have the right to change the way the information set forth above is distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all parties above regarding any such changes. The information set forth above shall be calculated, or reported, as the case may be, by the Trustee based on, and to the extent of, data provided by the Master Servicer pursuant to Subsection 6.05(a) and 6.07(d) and, with respect to prior periods, Section 6.06, upon which the Trustee may conclusively rely. The information furnished by the Master Servicer shall be sufficient for the Trustee to prepare any statements it is required to prepare.
(b) By April 30 of each year beginning in 2004, the Trustee will furnish a report to each Holder of the Certificates of record at any time during the prior calendar year as to the aggregate of amounts reported pursuant to subclauses (a)(ii) and (a)(vi) above with respect to the Certificates. Upon request, copies of such report shall also be furnished to the Master Servicer, the Certificate Insurers and, upon written request, to the Depositor. Such obligations shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to the requirements of the Code. The Master Servicer shall supply to the Trustee in a timely manner the information required for the statements described above which, where appropriate, shall be the information from which the Trustee can prepare the statements required by this Section 6.06.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003 -Abf1)
Statements to Certificateholders. Each month, at least two Business Days prior to Concurrently with each distribution on a Distribution Date, the Company shall deliver Trustee will make available to the Trustee for mailing to Holder of each Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, Certificate a statement (each, a "Distribution Date Statement") substantially in generally setting forth the form of Exhibit J hereto, setting forthfollowing information:
(i) The the Available Funds, the A-4A Component Accrual Distribution Amount, the A-4B Component Accrual Distribution Amount and the Priority Distribution Amount for such Distribution Date;
(ii) with respect to such Distribution Date, the aggregate amount of such distribution principal and interest, stated separately, distributed to the Certificateholders Holders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of such distribution to the Certificateholders each Component of each Class (other than any Class applicable Class) of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The with respect to such Distribution Date, the amount of servicing compensation paid to any interest shortfall (including any Net Interest Shortfall) for each Class of Certificates, together with the Company during the month preceding the month amount of distribution in respect of the Mortgage Loans and any unpaid interest shortfall for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsClass immediately following such Distribution Date;
(iv) The Pool Scheduled with respect to each Class of Certificates, the losses allocated to such Class with respect to such Distribution Date;
(v) the aggregate Certificate Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date each Class of Certificates, after giving effect to all (a) distributions allocable to of principal made of such Class of Certificates on such Distribution Date;, (b) any losses allocated to such Class of Certificates and (c) in the case of the Class A-4 Certificates, any addition to the Class Principal Balances thereof; and
(vi) any additional amount distributed to the Holder of the Residual Certificate on such Distribution Date. In addition, upon written request and at the expense of any Certificateholder, the Trustee will furnish or make available to such Certificateholder copies of the statements received by the Trustee for each Underlying Remittance Date as the holder of the Underlying Certificate on behalf of the Trust Fund. Within a reasonable period of time after the end of each calendar year, the Trustee will prepare and deliver to each person who at any time during the previous calendar year was a Certificateholder of record a statement containing the information required to satisfy any requirements of the Code, the REMIC Provisions and regulations thereunder as from time to time are in force. For purposes of this Section 3.05, the Trustee's duties are limited to the extent that adequate information is reasonably available to the Trustee as described herein.
Appears in 1 contract
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company Trustee shall deliver to the Trustee for mailing make available electronically via its Internet Website or, upon written request, by first class mail, to each Certificateholder, each initial Certificate Owner and (upon written request made to the Trustee shall mail Trustee) each subsequent Certificate Owner (as identified to the reasonable satisfaction of the Trustee), the Depositor, the Master Servicer, the Special Servicer, the Underwriters, each Certificateholder on such Distribution DateRating Agency and any other Person designated in writing by the Depositor, a statement (each, a "Distribution Date Statement") substantially ), as to the distributions made on such Distribution Date, based solely on information provided to it by the Master Servicer and the Special Servicer. Each Distribution Date Statement shall be in the form of set forth on Exhibit J heretoB hereto and, setting in any event, shall set forth:
(i) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (and of Sequential Pay Certificates in respect reduction of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Class Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Balance thereof;
(ii) The the amount of the distribution on such distribution Distribution Date to the Certificateholders Holders of each Class (other than any of Regular Certificates, the Class of Principal Only Certificates) A-2FL Certificates and/or the Class A-4FL Certificates allocable to interestDistributable Certificate Interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any A-2FL Interest Distribution Amount and/or the Class of Accrual Certificates or any Accrual ComponentsA-4FL Interest Distribution Amount, as the case may be;
(iii) The the amount of the distribution on such Distribution Date to the Holders of each Class of Regular Certificates, the Class A-2FL Certificates and/or the Class A-4FL Certificates allocable to Prepayment Premiums and/or Yield Maintenance Charges;
(iv) the amount of the distribution on such Distribution Date to the Holders of each Class of Sequential Pay Certificates in reimbursement of previously allocated Realized Losses and Additional Trust Fund Expenses;
(v) the Available Distribution Amount for such Distribution Date and the respective portions thereof allocable to each Loan Group;
(a) the aggregate amount of P&I Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, for such Distribution Date pursuant to Section 4.03(a), including, without limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the aggregate amount of ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, that had been outstanding at the close of business on the related Determination Date and the aggregate amount of interest accrued and payable to the Master Servicer, the Trustee or the Fiscal Agent in respect of such ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances in accordance with Section 4.03(d) as of the close of business on the related Determination Date, (b) the aggregate amount of Servicing Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, as of the close of business on the related Determination Date and (c) the aggregate amount of all Nonrecoverable Advances made with respect to the entire Mortgage Pool, and made with respect to each Loan Group, as of the close of business on the related Determination Date;
(vii) the aggregate unpaid principal balance of the Mortgage Pool and of each Loan Group outstanding as of the close of business on the related Determination Date;
(viii) the aggregate Stated Principal Balance of the Mortgage Pool and of each Loan Group outstanding immediately before and immediately after such Distribution Date;
(ix) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Trust Mortgage Loans as of the close of business on the related Determination Date;
(x) the number, aggregate unpaid principal balance (as of the close of business on the related Determination Date) and aggregate Stated Principal Balance (immediately after such Distribution Date) of the Trust Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent more than 89 days, (D) as to which foreclosure proceedings have been commenced, and (E) to the actual knowledge of the Master Servicer or Special Servicer, in bankruptcy proceedings;
(xi) as to each Trust Mortgage Loan referred to in the preceding clause (x) above, (A) the loan number thereof, (B) the Stated Principal Balance thereof immediately following such Distribution Date, and (C) a brief description of any executed loan modification;
(xii) with respect to any Trust Mortgage Loan as to which a Liquidation Event occurred during the related Collection Period (other than a payment in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in connection with such Liquidation Event;
(xiii) with respect to any REO Property included in the Trust Fund as to which a Final Recovery Determination was made during the related Collection Period, (A) the loan number of the related Trust Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Final Recovery Determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the amount of any Realized Loss in respect of the related Trust REO Loan in connection with such Final Recovery Determination;
(xiv) the Accrued Certificate Interest and Distributable Certificate Interest in respect of each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class A-4FL REMIC II Regular Interest, as well as the Class A-2FL Interest Distribution Amount and the Class A-4FL Interest Distribution Amount, for such Distribution Date;
(xv) any unpaid Distributable Certificate Interest in respect of each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest and the Class A-4FL REMIC II Regular Interest, respectively, as well as any unpaid portion of the Class A-2FL Interest Distribution Amount and the Class A-4FL Interest Distribution Amount, respectively, after giving effect to the distributions made on such Distribution Date;
(xvi) the Pass-Through Rate for each Class of Regular Certificates, the Class A-2FL REMIC II Regular Interest, the Class A-4FL REMIC II Regular Interest, the Class A-2FL Certificates and the Class A-4FL Certificates, respectively, for such Distribution Date;
(xvii) the Principal Distribution Amount, the Loan Group 1 Principal Distribution Amount and the Loan Group 2 Principal Distribution Amount for such Distribution Date, in each case separately identifying the respective components thereof (and, in the case of any Principal Prepayment or other unscheduled collection of principal received during the related Collection Period, the loan number for the related Trust Mortgage Loan and the amount of such prepayment or other collection of principal);
(xviii) the aggregate of all Realized Losses incurred during the related Collection Period and all Additional Trust Fund Expenses incurred during the related Collection Period;
(xix) the aggregate of all Realized Losses and Additional Trust Fund Expenses that were allocated on such Distribution Date;
(xx) the Class Principal Balance of each Class of Sequential Pay Certificates, as well as the Class X Notional Amount, outstanding immediately before and immediately after such Distribution Date, separately identifying any reduction therein due to the allocation of Realized Losses and Additional Trust Fund Expenses on such Distribution Date;
(xxi) the Certificate Factor for each Class of Regular Certificates, the Class A-2FL Certificates and the Class A-4FL Certificates, respectively, immediately following such Distribution Date;
(xxii) the aggregate amount of interest on P&I Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer, the Trustee and the Fiscal Agent during the related Collection Period in accordance with Section 4.03(d);
(xxiii) the aggregate amount of interest on Servicing Advances in respect of the Mortgage Pool and in respect of each Loan Group paid to the Master Servicer, the Special Servicer, the Trustee and the Fiscal Agent during the related Collection Period in accordance with Section 3.03(d);
(xxiv) the aggregate amount of servicing compensation paid to the Company Master Servicer and the Special Servicer during the related Collection Period;
(xxv) the loan number for each Trust Required Appraisal Mortgage Loan and any related Appraisal Reduction Amount as of the related Determination Date;
(xxvi) the original and then current credit support levels for each Class of Regular Certificates, the Class A-2FL Certificates and the Class A-4FL Certificates, respectively;
(xxvii) the original and then current ratings known to the Trustee for each Class of Regular Certificates, the Class A-2FL Certificates and the Class A-4FL Certificates, respectively;
(xxviii) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges collected during the related Collection Period;
(xxix) the value of any REO Property included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, based on the most recent Appraisal or valuation;
(xxx) the amounts, if any, actually distributed with respect to the Class Z Certificates, the Class R-I Certificates and the Class R-II Certificates, respectively, on such Distribution Date; and
(xxxi) all payments to and from each Swap Counterparty during the month preceding of such Distribution Date and the month respective components thereof. In the case of distribution information to be furnished pursuant to clauses (i) through (iv) above, the amounts shall be expressed as a dollar amount in respect the aggregate for all Certificates of each applicable Class and per Single Certificate. In the case of information provided to the Trustee as a basis for information to be furnished pursuant to clauses (x) through (xiii), (xxiv) and (xxix) above, insofar as the underlying information is solely within the control of the Mortgage Loans Special Servicer, the Trustee and the Master Servicer may, absent manifest error, conclusively rely on the reports to be provided by the Special Servicer. The Trustee may conclusively rely on and shall not be responsible absent manifest error for the content or accuracy of any information provided by third parties for purposes of preparing the Distribution Date Statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). On each Distribution Date, the Trustee shall make available via its Internet Website the information specified in Section 3.15(b) to the Persons specified therein. Absent manifest error, none of the Master Servicer or the Special Servicer shall be responsible for the accuracy or completeness of any information supplied to it by a Mortgagor or third party that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or the Special Servicer, as applicable. The Trustee shall not be responsible absent manifest error for the accuracy or completeness of any information supplied to it for delivery pursuant to this section. None of the Trustee, the Master Servicer or the Special Servicer shall have any obligation to verify the accuracy or completeness of any information provided by a Mortgagor or third party. Within a reasonable period of time after the end of each calendar year, the Trustee shall send to each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided to Certificateholders pursuant to clauses (i), (ii), (iii) and (iv) of the description of "Distribution Date Statement" above and such other customary information as the Company deems necessary or desirable may be required to enable such Certificateholders to prepare their federal income tax returns;. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force. If any Certificate Owner does not receive through the Depository or any of its Depository Participants any of the statements, reports and/or other written information described above in this Section 4.02(a) that it would otherwise be entitled to receive if it were the Holder of a Definitive Certificate evidencing its ownership interest in the related Class of Book Entry Certificates, then the Trustee shall mail or cause the mailing of, or provide electronically or cause the provision electronically of, such statements, reports and/or other written information to such Certificate Owner upon the request of such Certificate Owner made in writing to the Corporate Trust Office (accompanied by current verification of such Certificate Owner's ownership interest). Such portion of such information as may be agreed upon by the Depositor and the Trustee shall be furnished to any such Person via overnight courier delivery or facsimile from the Trustee; provided that the cost of such overnight courier delivery or facsimile shall be an expense of the party requesting such information.
(iva) The Pool Scheduled Principal Balance to the extent it receives the necessary underlying information from the Special Servicer or Master Servicer, as applicable, and shall not be liable for any failure to deliver any thereof on the prescribed due dates, to the extent caused by failure to receive timely such underlying information. Nothing herein shall obligate the Trustee or the Master Servicer to violate any applicable law prohibiting disclosure of information with respect to any Mortgagor and the aggregate number failure of the Mortgage Loans Trustee, Master Servicer or the Special Servicer to disseminate information for such reason shall not be a breach hereof.
(b) In the performance of its obligations set forth in Section 4.05 and its other duties hereunder, the Trustee may, absent bad faith, conclusively rely on reports provided to it by the preceding Due Date after giving effect Master Servicer, and the Trustee shall not be responsible to all distributions allocable recompute, recalculate or verify the information provided to principal made on such Distribution Date;it by the Master Servicer.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Trust 2005-Cki1)
Statements to Certificateholders. Each month(a) On each Distribution Date, at least two Business Days the Trustee will include with each distribution to Certificateholders of a Scheduled Payment or Special Payment, as the case may be, a statement setting forth the information provided below (in the case of a Special Payment, including any Special Redemption Premium, reflecting in part the information provided by the Escrow Paying Agent under the Escrow Agreement). Such statement shall set forth (per $1,000 face amount Certificate as to (ii), (iii), (iv) and (v) below) the following information:
(i) the aggregate amount of funds distributed on such Distribution Date hereunder and under the Escrow Agreement, indicating the amount allocable to each source;
(ii) the amount of such distribution hereunder allocable to principal and the amount allocable to premium (including the Special Redemption Premium), if any;
(iii) the amount of such distribution hereunder allocable to interest; and
(iv) the amount of such distribution under the Escrow Agreement allocable to interest;
(v) the amount of such distribution under the Escrow Agreement allocable to Deposits; and
(vi) the Pool Balance and the Pool Factor. With respect to the Certificates registered in the name of DTC, on the Record Date prior to each Distribution Date, the Company Trustee will request from DTC a securities position listing setting forth the names of all Agent Members reflected on DTC's books as holding interests in the Certificates on such Record Date. On each Distribution Date, the Trustee will mail to each such Agent Member the statement described above and will make available additional copies as requested by such Agent Member for forwarding to holders of interests in the Certificates.
(b) Members and shall deliver be delivered by the Trustee to such Agent Members to be available for forwarding by such Agent Members to the Trustee for mailing to each Certificateholderholders of interests in the Certificates in the manner described in Section 4.03(a).
(c) Promptly following (i) the Delivery Period Termination Date, if there has been any change in the information set forth in clauses (x), (y) and (z) below from that set forth in pages 61-62 of the Offering Circular, and (ii) any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Equipment Notes held in the Trust, or any Final Withdrawal, the Trustee shall furnish to Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each subsequent Regular Distribution Date following the Delivery Period Termination Date, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal distribution schedule of the Equipment Notes, in the aggregate, held as Trust Property at the date of such notice. With respect to the Certificates registered in the name of DTC, on the Delivery Period Termination Date, the Trustee will request from DTC a securities position listing setting forth the names of all Agent Members reflected on DTC's books as holding interests in the Certificates on such date. The Trustee will mail to each Certificateholder on such Distribution Date, a Agent Member the statement (each, a "Distribution Date Statement") substantially described above and will make available additional copies as requested by such Agent Member for forwarding to holders of interests in the form of Exhibit J hereto, setting forth:
(i) The amount of such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
(ii) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;.
Appears in 1 contract
Sources: Pass Through Trust Agreement (America West Airlines Inc)
Statements to Certificateholders. Each month, at least (a) No later than two Business Days prior to each after the Determination Date for the immediately succeeding Distribution Date, the Company Master Servicer shall deliver to the Trustee for mailing a report in computer-readable form containing such information as the Trustee shall reasonably require in a format mutually acceptable to each Certificateholder, the Master Servicer and the Trustee in order to make, or cause its agents to make, distributions on the Certificates and prepare reports to Certificateholders. The Trustee may conclusively rely upon the accuracy of and shall be under no duty to recalculate, verify or recompute the information provided to it by the Master Servicer.
(b) Concurrently with each distribution charged to the Certificate Account and with respect to each Distribution Date (but no earlier than such Distribution Date), the Trustee shall forward by mail to each Certificateholder on such Distribution DateHolder, the Underwriter, the Master Servicer and the Depositor a statement (each, setting forth the following information as to each Class of Certificates to the extent applicable and to the extent the Trustee has received the Master Servicer tape in a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forthtimely manner:
(i) The (a) the amount of such distribution to the Certificateholders of each such Class applied to reduce the Certificate Principal Balance thereof, and (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying b) the aggregate amount included therein representing Principal Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates allocable to interest;
(iii) 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;
(iv) the amount of any Principal Prepayments included therein (including, for this purpose, Advances by the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased Master Servicer pursuant to Section 2.02, 2.03(b4.04 by Loan Group;
(v) or 3.16, respectively, the number and any amounts deposited pursuant to Section 2.03(b) in connection with Pool Stated Principal Balance of the substitution of any Mortgage Loans pursuant by Loan Group after giving effect to Section 2.02 or 2.03(a)the distribution of principal on such Distribution Date;
(vi) the aggregate Certificate Principal Balance of each Class of Certificates, after giving effect to the proceeds of which purchases or substitutions are being amounts distributed on such Distribution Date);
(ii) The amount of such distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;,
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ba Mortgage Securities Inc Mort Ps THR Cert Ser 1998-4)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based on information provided by the Company Servicer and the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare in accordance with CREFC® guidelines as of the Closing Date and forward or make available through its internet website, which is located at w▇▇.▇▇▇▇▇▇▇.▇▇▇ to any Privileged Person, a statement, prepared by the Certificate Administrator, based upon information supplied to it by the Servicer and the Special Servicer, as applicable (with respect to items not prepared by the Certificate Administrator, to the Trustee for mailing extent such items were delivered to each Certificateholderthe Certificate Administrator in a readable, uploadable, un-corrupted and un-locked electronic format), in respect of the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, setting forth:
(i) The for each Class of Certificates (other than the Class R Certificates) (A) the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (includingand specifying the source of such payments)), for this purpose, (B) the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution amount of any Mortgage Loans pursuant Yield Maintenance Premiums collected on the Trust Loan allocable to Section 2.02 or 2.03(a), each Class of Certificates and (C) and the proceeds amount of which purchases or substitutions are being distributed interest paid on Advances from Default Interest and allocable to such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately amounts allocable to principal and interest;
(iii) The the amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and any Monthly Payment Advance for such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returnsDistribution Date;
(iv) The Pool Scheduled Principal the Certificate Balance and of each Class of Certificates (other than the aggregate number of the Mortgage Loans on the preceding Due Date Class R Certificates) after giving effect to all distributions allocable to principal made any distribution in reduction of the Certificate Balance on such Distribution Date;
(v) the principal balance of the Trust Loan as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period and the aggregate amount of such payments allocable to the Trust Loan;
(vii) identification of any Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event or Special Servicer Termination Event under this Agreement that in either case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-Out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, CREFC®, the Certificate Administrator and the Trustee, separately listing the Certificate Administrator Fee (including the Trustee Fee, if the Certificate Administrator and the Trustee are not the same entity), the CREFC® License Fee and the Special Servicing Fee;
(ix) the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) notification if the Property (or any portion thereof) has become a Foreclosed Property as of the close of business on the Loan Payment Date immediately preceding such Distribution Date;
(xi) information with respect to any declared bankruptcy of the Borrower or any Mezzanine Party;
(xii) as to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
Appears in 1 contract
Sources: Trust and Servicing Agreement (CSAIL 2017-Cx10 Commercial Mortgage Trust)
Statements to Certificateholders. Each month, at least two Business Days prior to On or before each Distribution Date, the Company Trustee shall prepare a statement as to such distribution and deliver to the Trustee for mailing such statement by mail to each Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially in the form of Exhibit J hereto, setting forth:
(ia) The the amount of such distribution to the Certificateholders Holders of each Certificates of such Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying be applied to reduce the aggregate amount of any Certificate Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Balance thereof;
(iib) The the amount of such distribution to the Certificateholders Holders of each Certificates of such Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added and the Pass-Through Rate applicable to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Componentseach Class;
(iiic) The the amount of servicing compensation the Trustee Fee to be paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans Trustee on such Distribution Date; and such other customary information as the Company Trustee deems necessary or desirable desirable, or which a Certificateholder reasonably requests, to enable Certificateholders to prepare their tax returns;
(ivd) The Pool Scheduled the aggregate amount of outstanding Advances, together with Non- Recoverable Advances, if any, at the close of business on such Distribution Date;
(e) the aggregate Principal Balance and of the Underlying Securities as of such Distribution Date;
(f) the aggregate number Certificate Principal Balance of the Mortgage Loans on the preceding Due Date each Class of Securities after giving effect to all distributions allocable the distribution to principal be made on such Distribution Date;
(g) the aggregate amount of interest remaining unpaid, if any, for each Class of Securities, after giving effect to the distribution made on such Distribution Date; and
(h) the aggregate amount of withdrawals, if any, from any Reserve Fund and the amount, if any, available thereunder. In the case of information furnished pursuant to clauses (a) and (b) above, the amounts shall be expressed, with respect to any Certificate, as a dollar amount per $25 denomination; provided, however, that if any Class of Securities does not have a Certificate Principal Balance, then the amounts shall be expressed as a dollar amount per 10% Percentage Interest. Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and furnish a statement containing the information set forth in clauses (a) through (c) above, to each Person who at any time during the calendar year was a Holder that constituted a retail investor or other Holder that requests such statement, aggregated for such calendar year or portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Sources: Trust Agreement (National Financial Securities Corp)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, the Company Trustee shall deliver make available to each Holder and to each Certificate Owner which shall have certified to the Trustee that it is a Certificate Owner (or forward, in the case of each Holder or Certificate Owner which shall have requested such report from the Trustee), a statement as to the distributions made on such Distribution Date based solely upon information included in the reports furnished to the Trustee by the Master Servicer for mailing such Distribution Date in accordance with the provisions of this Agreement. In addition, on each Distribution Date, the Trustee shall make available to each CertificateholderRating Agency and each Underwriter in an electronic format each statement received prior to such Distribution Date prepared by the Master Servicer pursuant to this Agreement. On each Distribution Date, the Trustee shall forward or make available to the Depositor, each Underwriter, each Mortgage Loan Seller, each Rating Agency, and the Trustee shall mail Master Servicer a copy of the reports forwarded to each Certificateholder the Certificateholders on such Distribution Date and, if not otherwise set forth in such reports a statement setting forth the amounts, if any, actually distributed with respect to the Certificates on such Distribution Date, a statement (each, a "Distribution Date Statement") substantially . The Trustee shall also forward or make available such reports to the Master Servicer in an electronic format reasonably acceptable to the form of Exhibit J hereto, setting forth:Master Servicer.
(ib) The amount Trustee on behalf of the Depositor, shall furnish or cause to be furnished, promptly upon the written request of any Holder of a Class F, Class X, Class G, Class H, Class J, Class K, Class L, Class M, Class NR, Class R-I, Class R-II or Class R-III Certificate (or a Certificate Owner which shall have certified to the Trustee that it is a Certificate Owner of any such Class) reasonably current Rule 144A Information (as defined below) to such Certificateholder or to a prospective transferee of such distribution to a Certificate (or interests in such Certificate) designated by such Certificateholder, as the Certificateholders of each Class (and in respect of any Component)case may be, other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution resale of any Mortgage Loans such Certificate or such interests by such Certificateholder pursuant to Section 2.02 Rule 144A to the extent received from the Master Servicer or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);
Special Servicer. "Rule 144A Information" shall mean the information specified in Rule 144A(d)(4)(i) and (ii) under the Securities Act of 1933, as amended. The amount Trustee shall advise the Master Servicer or Special Servicer of any request by a Certificateholder and shall consult with the Master Servicer or Special Servicer as to the information to be supplied. Based upon such consultation and to the extent the Trustee is not in possession of reasonably current Rule 144A Information on the date of any such request, the Master Servicer and the Special Servicer shall, upon request from the Trustee, promptly provide the Trustee with reasonably current Rule 144A Information to the extent reasonably available. The Trustee may place its disclaimer on any such Rule 144A Information to the extent it is not the source of such distribution information. The Trustee shall not have responsibility for the sufficiency under Rule 144A or any other securities laws of any available information so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or accuracy of any information so furnished which was prepared or delivered to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added Trustee by another to the Class Certificate Principal Balance extent the information so furnished accurately sets forth the information prepared or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;delivered.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Jp Morgan Chase Commercial Mortgage Securities Corp)
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Distribution Date, based in part on information provided by the Company Servicer and/or the Special Servicer, as applicable, the Certificate Administrator shall deliver prepare and provide or make available pursuant to Section 8.14(b) to any Privileged Person a statement in respect of the Trustee for mailing to each Certificateholder, and the Trustee shall mail to each Certificateholder distributions on such Distribution Date, Date (a statement (each, a "“Distribution Date Statement"”) substantially in the form of Exhibit J hereto, P setting forth:
(i) The for each Class of Regular Certificates the amount of the distributions made on such distribution to the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Distribution Date allocable to principal, interest at the Pass-Through Rate and the amount allocable to principal (separately identifying the aggregate amount of any Principal Prepayments included therein principal payments (including, for this purpose, and specifying the Scheduled Principal Balances source of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectivelysuch payments)), and any amounts deposited pursuant the amount of interest paid on Advances from Default Interest and allocable to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)Class;
(ii) The amount of such if the distribution to the Certificateholders of each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to the Class Certificate Principal Balance or Component Principal Balance Holders of any Class of Accrual Certificates or any Accrual Componentsis less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class of Certificates, stating separately the amounts allocable to principal and interest;
(iii) The the amount of any Monthly Interest Payment Advance for such Distribution Date;
(iv) the Certificate Balance or Notional Amount, as the case may be, of each Class of Regular Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date;
(v) the principal balance of the Trust Loan (or any REO Trust Loan) and the Mortgage Loan (or any REO Mortgage Loan), respectively, as of the end of the Collection Period for such Distribution Date;
(vi) the aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;
(vii) identification of any Mortgage Loan Event of Default, Special Servicing Loan Event, Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event under this Agreement, that in any case has been declared as of the close of business on the second Business Day prior to the end of the immediately preceding calendar month;
(viii) the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Company Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor, separately listing the Trustee/Certificate Administrator Fee (which includes the Trustee Fee), the Servicing Fee, the Special Servicing Fee and the Operating Advisor Fee;
(ix) the number of days the Borrower Related Parties are delinquent in the event that the Borrower Related Parties are delinquent at least 30 days and the date upon which any foreclosure proceedings have been commenced;
(x) identification of whether the Property, as of the close of business on the Payment Date immediately preceding such Distribution Date, had become a Foreclosed Property;
(xi) information with respect to any declared bankruptcy of any Borrower Related Party;
(xii) as to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the month preceding related Collection Period, the month identity of distribution in respect such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection Period;
(xiii) a list of conveyances or transfers of the Mortgage Loans Property by the Borrower Related Parties as of the end of the related Collection Period;
(xiv) the aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;
(xv) the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;
(xvi) an itemized report identifying any Appraisal Reduction Amount and the amount of the Appraisal Reduction Amount allocated to each Class of Principal Balance Certificates as of such Distribution Date;
(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Related Party during the related Collection Period;
(xviii) the aggregate amount of Borrower Reimbursable Trust Fund Expenses that were paid by or on behalf of the Borrower during the related Collection Period and that remain unpaid as of the end of the related Collection Period;
(xix) the amount of Default Yield Maintenance Premiums, if any, collected during the related Collection Period and distributed on such Distribution Date to the Holders of the respective Classes of the Regular Certificates entitled thereto;
(xx) the information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject of a demand to repurchase for breach of the related representations and warranties;
(xxi) the amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;
(xxii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the related Collection Period to the extent provided to the Certificate Administrator pursuant to this Agreement; and
(xxiii) identification of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control Period or CCR Consultation Period. The Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor may agree to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that no such enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information (including any Final Asset Status Report and communications between the Special Servicer and any applicable Consenting Party) without the prior written consent of such Consenting Party. Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i), (ii), (iv) and (xix) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together with such other customary information as the Company Certificate Administrator deems necessary or desirable desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns;returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.
(ivb) The Pool Scheduled Principal Balance Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer and the aggregate number Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to be furnished by the Servicer is based on information required to be provided by the Borrower Restricted Parties or the Special Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information from the Borrower Restricted Parties or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower Restricted Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Borrower Restricted Parties. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall be entitled to rely on information supplied by any Borrower Restricted Parties without independent verification. The Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Borrower Restricted Parties. At the reasonable request and authorization by the Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loans Loan (subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)). In addition, the Certificate Administrator shall make available on the preceding Due Date after giving effect to all distributions allocable to principal made on Certificate Administrator’s Website such Distribution Date;information as set forth in Section 8.14(b) herein.
Appears in 1 contract
Sources: Trust and Servicing Agreement (Benchmark 2020-B21 Mortgage Trust)
Statements to Certificateholders. Each monthThe Trustee shall prepare, at least two Business Days prior or cause to be prepared, and mail not later than each Distribution DateDate to the Depositor, the Company shall deliver Servicer, the Rating Agency, the Manager, the Initial Purchasers and each Certificateholder of each Class and, upon written request to the Trustee for mailing to each CertificateholderTrustee, and Beneficial Owners of the Trustee shall mail to each Certificateholder on such Distribution Date, Regular Certificates a statement (each, a the "Distribution Date Monthly Statement") substantially in respect of such Distribution Date setting forth to the form of Exhibit J hereto, setting forthextent applicable to such Class:
(ia) The the amount of such the distribution to from the Certificateholders of each Class (and in respect of any Component), other than any Notional Certificates (and any Notional Component), Certificate Account allocable to principal, separately identifying the aggregate amount of any Principal Prepayments Unscheduled Payments and any Voluntary Prepayments, Loss Proceeds and Net Proceeds included therein (including, for this purpose, and specifying the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date)source thereof;
(iib) The the aggregate amount of such the distribution from the Certificate Account and the Default Interest Account allocable to interest for each Class, separately identifying the amount paid in respect of (w) interest at the applicable Certificate Interest Rates, (x) the amount of any Additional Interest, (y) any Unpaid Additional Interest Shortfalls and (z) any Default Rate Interest;
(c) the aggregate amount of the distribution from the Certificate Account allocable to Prepayment Premiums;
(d) if the distribution to the Certificateholders of any Class in respect of scheduled principal and interest at the applicable Certificate Interest Rate is less than the full amount thereof that would be distributable to such Holders if there were a sufficient Available Distribution Amount, the amount of such shortfall for each Class (other than any Class of Principal Only Certificates) allocable to interest, including any Accrual Amount added to and the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Componentsallocation thereof between interest and principal;
(iiie) The separately identified, the amount of accrued and unpaid Additional Interest and Default Rate Interest, if any, for each Class of Regular Certificates;
(f) the amount of any P&I Advance by the Servicer, the Trustee or the Fiscal Agent included in the amounts distributed to the Certificateholders;
(g) the Class A, Class B, Class C and Class D Certificate Principal Balances after giving effect to the distribution of principal on the Certificates on such Distribution Date;
(h) the Mortgage Loan Principal Balance and the Allocated Loan Amount for each of the Mortgaged Properties for such Distribution Date;
(i) identification of any Mortgage Loan Event of Default or any Event of Default under this Agreement, as of the close of business on the last day of the immediately preceding calendar month;
(j) the Class A, Class B, Class C and Class D Percentages for the following Distribution Date;
(k) the amount of servicing compensation paid to the Company Servicer and any Special Servicer with respect to such Distribution Date, including the Servicing Fee, the Special Servicing Fee, any Liquidation Fee, any Modification Fee and any Late Charges and other Mortgagor charges retained by, or payable to, the Servicer pursuant to this Agreement; and
(l) the amount in each of the Sub-Accounts established pursuant to Section 5.02 of each Mortgage;
(m) The aggregate Adjusted NOI for the Mortgaged Properties during the preceding twelve-month preceding period, and the current Debt Service Coverage for the Mortgage Loan. For purposes of each Monthly Statement, these items shall be calculated by the Servicer using the scheduled debt service payments applicable to the Mortgage Loan during the succeeding twelve-month period;
(n) if a P&I Advance Appraisal has been completed by an Appraiser with respect to any Foreclosed Property and is available to the Servicer or has otherwise been completed by or at the direction of distribution the Servicer in respect accordance with MAI standards and methodologies, the appraised value of such Foreclosed Property as of the date of any such P&I Advance Appraisal (and the Servicer shall also provide the Rating Agency with a copy of all such appraisals); and
(o) any material modifications, waivers or amendments of any of the terms of the Mortgage Loans Loan. Each amount set forth pursuant to clauses (a) through (f) above will be expressed as a dollar amount per $1,000 of original principal amount of each Class of Certificates. Each report to Certificateholders will indicate whether and to what extent, to the actual knowledge of a Responsible Officer of the Trustee, there exist material deviations in the servicing procedures from those specified in this Agreement. The Servicer shall provide the Trustee the information needed in clauses (a), (b), (c), (e), (f), (h), (i), (k), (l), (m), (n) and (o) above to the extent such information relates to the Mortgage Loan or the Mortgaged Properties, and the Trustee's obligation to furnish such information to others as set forth herein is contingent upon its receipt of such information from the Servicer. To the extent the information required to be furnished by the Servicer is based on information required to be provided by the Mortgagors, the Servicer's obligation to furnish such information to the Trustee is contingent on the receipt of such information from the Mortgagors. The Servicer shall be entitled to rely on information supplied by the Mortgagors without independent verification to the extent such reliance is consistent with Accepted Servicing Practices. The Trustee shall be entitled to rely on information supplied by the Servicer without independent verification. The Trustee shall furnish the Rating Agency with any other reports the Rating Agency shall reasonably request to the extent the Trustee has or can obtain the requested information without unreasonable effort or expense. Within 60 days following the end of the first three quarters of each calendar year and on an annual basis, and within 120 days following the end of the calendar year, the Mortgagors are required to forward by mail to the Servicer, the Trustee, the Depositor, the Initial Purchasers, the Rating Agency and the Manager a report summarizing the operating performance of the Mortgaged Properties, including in such report the net operating income for the Mortgaged Properties, the rent roll, each tenant's total sales and sales per square foot, to the extent reported by tenants under the terms of the Leases, the cost-of-occupancy reports, the average and period-end occupancy rate of the Mortgaged Properties (by gross leasable area and in-line space) and the current Debt Service Coverage for the quarter just completed and year-to-date, and each as compared to the preceding year. The report made with respect to the fourth quarter of any year will be based upon the audited financial statements of the Mortgagors for that year. Upon the written request of a Beneficial Owner of a Certificate, the Trustee shall provide such reports to such Owner at the expense of the Trust Fund. The Trustee shall not be liable for its failure to deliver such report to the extent such failure is a result of the Servicer's failure to deliver such report to the Trustee in a timely manner. Within 60 days following the end of each calendar year, the Trustee shall prepare, or cause to be prepared, and mail to each Person who at any time during the calendar year was a Certificateholder (i) a statement containing the aggregate information set forth in subclauses (a) and (b) above for such calendar year or applicable portion thereof during which such person was a Certificateholder and (ii) such other customary information as the Company Trustee deems necessary or desirable to enable for Certificateholders to prepare their federal, state and local income tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number . Such obligation of the Mortgage Loans on Trustee shall be deemed to have been satisfied to the preceding Due Date after giving effect extent that substantially comparable information shall be provided by the Trustee pursuant to all distributions allocable to principal made on such Distribution Date;any requirements of the Code.
Appears in 1 contract
Statements to Certificateholders. Each month, at least two Business Days prior to (a) On each Regular Distribution Date and Special Distribution Date, the Company Trustee will include with each distribution to the Class C Certificateholders a statement, giving effect to the distribution to be made on such Regular Distribution Date or Special Distribution Date, setting forth the following information (per $1,000 aggregate face amount of Class C Certificates as to clauses (ii), (iii), (iv) and (v) below):
(i) the aggregate amount of funds distributed on such Distribution Date under this Agreement and the Escrow Agreement, indicating the amount, if any, allocable to each source;
(ii) the amount of such distribution under this Agreement allocable to principal and the amount allocable to Premium (if any);
(iii) the amount of such distribution under this Agreement allocable to interest;
(iv) the amount of such distribution under the Escrow Agreement allocable to interest, if any;
(v) the amount of such distribution under the Escrow Agreement allocable to unused Deposits, if any; and
(vi) the Pool Balance and the Pool Factor.
(b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Trustee shall deliver furnish to each Person who at any time during such calendar year was a Class C Certificateholder of record a statement containing the sum of the amounts determined pursuant to clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such calendar year or, in the event such Person was a Class C Certificateholder of record during a portion of such calendar year, for the applicable portion of such year, and such other items as are readily available to the Trustee and which a Class C Certificateholder may reasonably request as necessary for mailing to each the purpose of such Certificateholder, and the Trustee shall mail to each Certificateholder on such Distribution Date, a statement ’s preparation of its United States federal income tax returns or foreign income tax returns.
(each, a "Distribution Date Statement"c) substantially in the form of Exhibit J hereto, setting forthPromptly following:
(i) The amount the Delivery Period Termination Date, or, if later, the date of any Final Withdrawal (the later of such distribution dates, the “Escrow Period Termination Date”), if there has been, on or prior to the Certificateholders Escrow Period Termination Date, any early redemption or purchase of, or any default in the payment of each Class (and principal or interest in respect of, any of the Series C Equipment Notes held in the Class C Trust, any Component)Event of Loss Withdrawal or any Final Withdrawal, other than any Notional Certificates (and any Notional Component), allocable to principal, separately identifying the aggregate amount of any Principal Prepayments included therein (including, for this purpose, the Scheduled Principal Balances of all Defaulted Mortgage Loans and Defective Mortgage Loans purchased pursuant to Section 2.02, 2.03(b) or 3.16, respectively, and any amounts deposited pursuant to Section 2.03(b) in connection with the substitution of any Mortgage Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which purchases or substitutions are being distributed on such Distribution Date);and
(ii) The amount the date of any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Series C Equipment Notes held in the Class C Trust, in either case described in this clause (ii), occurring after the Escrow Period Termination Date, the Trustee shall furnish to Class C Certificateholders of record on such date a statement setting forth (x) the expected Pool Balances for each subsequent Regular Distribution Date following the Delivery Period Termination Date or the date of such early redemption, purchase or default, (y) the related Pool Factors for such Regular Distribution Dates, and (z) the expected principal distribution schedule of the Series C Equipment Notes, in the aggregate, held as Trust Property at the date of such notice.
(d) Notwithstanding anything to the Certificateholders contrary herein or in the Basic Agreement, to the extent a Class C Certificateholder has provided in writing sufficient wire transfer details to the Trustee, each distribution on the Class C Certificates to such Certificateholder shall be made by wire transfer in immediately available funds to the account designated by such Certificateholder.
(e) The provisions of each Class (other than any Class this Section 5.01 supersede and replace the provisions of Principal Only Certificates) allocable to interest, including any Accrual Amount added Section 4.03 of the Basic Agreement in their entirety with respect to the Class Certificate Principal Balance or Component Principal Balance of any Class of Accrual Certificates or any Accrual Components;
(iii) The amount of servicing compensation paid to the Company during the month preceding the month of distribution in respect of the Mortgage Loans and such other customary information as the Company deems necessary or desirable to enable Certificateholders to prepare their tax returns;
(iv) The Pool Scheduled Principal Balance and the aggregate number of the Mortgage Loans on the preceding Due Date after giving effect to all distributions allocable to principal made on such Distribution Date;C Trust.
Appears in 1 contract